WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Web Hosting Computer Hardware Thursday, September 21, 2023 
Add Press Release News | News Feeds Feeds | Email This News Email

Magic announces $52M Strategic Funding Round led by PayPal Ventures
Thursday, June 8, 2023

Leading non-custodial wallet-as-a-service (WaaS) provider and web3 onboarding solution to expand its enterprise-ready product suite to support growing customer base

SAN FRANCISCO, May 31, 2023 /PRNewswire/ -- Magic, the leading wallet-as-a-service (WaaS) provider, today announced it has raised $52 million in a strategic funding round led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital. The new round brings the total raised to more than $80M.

Magic is enabling web3 mass adoption by serving as the de facto WaaS provider for companies that are searching for safe and easy ways to bring their customers over to web3. Magic provides a seamless enterprise grade, low-effort solution to web3 migration that is opening up lucrative new avenues from customer loyalty programs and digital collectibles to employee recognition, ticketing, memberships, and more. Magic's customers are some of the most trusted brands across retail, music, fashion and gaming including Mattel, Macy's, Xsolla, Immutable, and more.

"Since launching in 2018, we have witnessed a steady increase in web3 use-cases among large enterprises across a wide variety of verticals. Global brands have realized the potential of blockchain beyond crypto and are utilizing it to engage with their customers and monetize the experience in new ways. Magic is working closely with Fortune 500 companies to bring their web3 use cases to everyday users," said Sean Li, Magic's co-founder and CEO. "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."

"Mass adoption of web3 is a hot topic, and Magic is facilitating this with a safe and simple solution," said Alan Du, Partner at PayPal Ventures. "Magic's wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to web3. We're proud to be investing in Magic and believe the company will help drive the growing number of web3 use-cases amongst global brands."

Magic provides secure, seamless, and near-instant non-custodial wallet creation. Once Magic's SDK is implemented in a vendor's code base, wallets can be instantaneously user-created through existing email, social, SMS, or federated logins. Magic's patented technology allows for unparalleled scalability and provides users with complete control over their assets. This, coupled with its enterprise-ready features and SOC2 Type 2, CCPA, GDPR, HIPAA, and ISO compliance, sets Magic apart from other WaaS providers. While other WaaS providers require login via mobile, Magic is accessible from any user device - phone, desktop, or tablet - making it truly available to all people regardless of the ways in which they connect to the web.

To date, Magic has generated more than 20 million unique wallets and its SDK is used by over 130,000 developers. Magic's proven industry-leading scalability produces upwards of 2,000 wallets per second [wps] versus the fastest alternatives at 80-100 wps.

About Magic

Magic is a wallet-as-a-service provider that helps businesses onboard users into web3 with instant non-custodial wallet creation. It uses email or social logins, while removing the need for seed phrases and browser extensions - making it indistinguishable from standard web2 experiences that everyday users are accustomed to. Magic offers features for end-to-end web3 onboarding including authentication, fiat onramps, NFT Minting and NFT Checkout. Its solutions are trusted by top brands in web2 and web3, including Mattel, Macy's, Xsolla, Immutable, and more. To date, Magic has created 20M+ wallets and is used by 130K+ developers.

View original content to download multimedia:


Email This News Email | Submit To Slashdot Slashdot | Submit To Digg | Submit To | News Feeds Feeds

Nav Mid-year Review Spotlights Global Automotive Market Trends for 2023 | Sep 21, 2023
Nav All Flash Array Market to grow by USD 31.03 billion between 2022 - 2027 | Growth Driven by Increasing Adoption of SSDs in laptops, gaming, and high-end PCs - Technavio | Sep 21, 2023
Nav RapidScale Selected as Finalist for 2023 NC TECH Awards | Sep 21, 2023
Nav Keeper Security Unveils Enhanced User Interface and Android Improvements in Latest Update | Sep 21, 2023
Nav Whatfix Positioned as a Leader (fourth consecutive year) and a Star Performer in Everest Group Digital Adoption Platform (DAP) PEAK Matrix┬« Assessment 2023 | Sep 21, 2023
Nav Camtek Receives New Orders for 46 Systems for High Bandwidth Memory (HBM) | Sep 20, 2023
Nav Mastercard and Paysend expand global partnership to enhance cross-border payments for SMEs | Sep 20, 2023
Nav Index Engines Names Storage Industry Veterans Geoff Barrall and Tony Craythorne to Executive Team | Sep 20, 2023
Nav Malaysia Leads ASEAN with Dominant Home Improvement Retail Space Per Capita: A Key Driver of the Market | Sep 20, 2023
Nav CASETiFY pushes the limits of extreme protection with award-winning Ultra Bounce Case for iPhone 15 and Bounce Bands for Apple Watch Series 9 & Ultra 2 | Sep 20, 2023

Submit News | View More News View More News