Magic, a provider of Crypto wallet-as-a-service, has successfully raised $52 million in a new strategic funding round, with PayPal Ventures leading the investment.
According to the official press release, the funding secured will be utilized to expand Magic’s functionality, encompassing a broader range of use cases. Additionally, it will contribute to a deeper expansion of the company’s services within the European Union and Asia-Pacific region.
In the press release, Alan Du, a partner at PayPal Ventures, expressed his enthusiasm about Magic’s role in facilitating the mass adoption of Web3 through a secure and user-friendly solution. Magic’s wallet creation service empowers companies to connect with millions of users on their applications and onboard newcomers to the Web3 environment. PayPal Ventures is proud to invest in Magic, as they firmly believe that the company will play a pivotal role in driving the increasing number of Web3 use-cases among global brands.
Magic, a San Francisco-based company founded in 2018, has successfully raised over $80 million in funding. The funding round attracted several notable participants, including Cherubic, Synchrony, KX, Northzone, and Volt Capital.
Magic specializes in offering enterprise-grade solutions that enable companies to onboard customers into Web3 securely and effortlessly. The core of their offering lies in a non-custodial wallet creation infrastructure, which comprises a software development kit (SDK) that can be seamlessly integrated into a company’s codebase. By leveraging this SDK, users can swiftly generate a new wallet using their existing email, social media accounts, or SMS credentials.
According to the company, Magic has created over 20 million distinct wallets so far. Additionally, their software development kit (SDK) is employed by more than 130,000 developers. Magic’s clientele encompasses various industries such as retail, music, fashion, and gaming, boasting prominent names like Mattel, Macy’s, Immutable, and others.