Kraken parent Payward acquires Magic Labs’ embedded wallet business
The Block·
60-second summary
Payward, the parent company of Kraken, is acquiring Magic Labs' embedded wallet business, marking a strategic move to expand its financial services offerings. The acquisition will see Magic Labs rebrand as Newton Labs, allowing it to focus on developing onchain finance infrastructure. This deal underscores the growing importance of embedded wallets in the crypto ecosystem.
Magic Labs is selling its wallet business to Payward and rebranding as Newton Labs to focus on onchain finance infrastructure.