Payward Acquires Magic Labs' Wallet Unit, Expanding Kraken's Infrastructure
Tom Rudovsky · Reported by The Block
Sentiment
Positive
Importance
7
Price
0
Mkt Cap
0
52W Low
0
52W High
0
52W Position
Off High
Rel. Volume
Market data snapshot near publication time
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.
This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: The Block.