Crypto Wallet Magic Announces $52M Strategic Funding Round Led By PayPal
- Magic has announced a $52 million strategic fundraising round headed by PayPal Ventures.
- The firm creates non-custodial wallets in a safe, frictionless, and near-instant manner.
- Customers of Magic include some of the most trusted companies in retail, music, fashion, and gaming, including Mattel, Macy’s, Xsolla, Immutable, and others.
Magic, located in San Francisco, revealed on Wednesday that it had secured $52 million in a round led by PayPal Ventures, valuing the company at slightly under $500 million.
According to the press release, the fund will assist in increasing capabilities to incorporate new use cases and toward deeper growth inside the European Union and Asia-Pacific area.
Although there are several alternatives for crypto wallets, including one provided by PayPal, Magic has created a reputation for itself by developing a white-label version that allows corporate clients to supply wallets to consumers, many of whom are unfamiliar with seed phrases, private keys, and other Web3 features.
Magic is supporting web3 broad adoption by acting as the de facto WaaS provider for businesses looking for secure and simple solutions to migrate their consumers to web3.
The company’s goal is to accelerate web3 adoption by offering a simple solution for businesses wishing to transition their consumers to web3. Among Magic’s customers are well-known retail, music, fashion, and gaming businesses such as Mattel, Macy’s, Xsolla, and Immutable.
Magic’s co-founder and CEO, Sean Li, stated:
“Our vision is to ignite new economic opportunities by enabling authentic digital ownership for everyone – starting with building the necessary infrastructure to onboard the next billion users to web3. With this new funding, we’re focused on expanding functionality and enabling growing use cases to continue delivering more value to our customers. We are also looking forward to making a deeper integration within the EU and APAC.”
On a practical level, Magic’s business comprises offering software development kits, or SDKs, to corporate customers, who can then customize the wallets to their unique requirements. Magic’s SDK-based wallet-as-a-service concept, according to Li, is similar to that of payment processor Stripe or Twilio, which offers tools for organizations to send automatic text messages.
The web3 company has created over 20 million unique wallets to date, and its SDK is utilized by over 130,000 developers. Magic’s demonstrated industry-leading scalability generates up to 2,000 wallets per second [wps], compared to the fastest rivals’ 80-100 wps.
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