Payward, the parent firm of crypto exchange Kraken, announced it will acquire Magic Labs’ wallet-as-a-service business. The move adds embedded, non-custodial wallet technology that supports over 60 million wallets to Payward’s enterprise infrastructure platform.
The deal brings Magic’s tech, which has handled more than $10 billion in stablecoin volume and served over 200,000 developers, under the Payward umbrella. This addition strengthens Payward Services, their B2B platform that connects clients to crypto trading, custody, tokenized assets, and derivatives.
By integrating Magic’s wallet solutions, Payward enables businesses to offer self-custody wallets smoothly alongside trading and settlement functions, all through a single platform. This reduces the need for multiple technology vendors and simplifies user experience by embedding wallets directly into applications.
Strategic Shift for Magic Labs
Magic Labs, now rebranded as Newton Labs, is pivoting to focus fully on Newton Protocol, an onchain authorization layer designed for institutional finance. The sale of its wallet unit lets Newton Labs concentrate on this next-generation project.
Payward expects the acquisition to finalize in the coming weeks, pending standard closing conditions. Mark Greenberg, Payward’s Chief Commercial Officer, emphasized that embedded wallets are becoming essential infrastructure for onchain products and that this deal unites exchange, custody, and wallet tech in one suite.
