Payward Acquires Magic Labs' Wallet Unit, Expanding Kraken's Infrastructure
Summary
Payward, parent of crypto exchange Kraken, is buying Magic Labs' embedded wallet business in an asset sale. Magic Labs will rebrand to Newton Labs and focus on its Newton Protocol, an onchain authorization layer. The deal adds over 60 million wallets and 200,000 developers to Kraken's ecosystem, strengthening its infrastructure play. This follows Payward's recent acquisitions of Bitnomial and Reap Technologies, signaling an aggressive expansion beyond exchange services. The wallet integration could enhance Kraken's custody and DeFi capabilities ahead of its delayed 2027 public listing.
Updates
· Cointelegraph — Magic Labs' tech has powered over 60 million wallets and $10 billion in stablecoin transactions.
This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: The Block.