- Magic secures $52M funding led by PayPal Ventures for wallet-as-a-service.
- Funding supports expanding functionality for broader use cases and EU/APAC growth.
- Alan Du of PayPal Ventures praises Magic for enabling safe Web3 adoption.
Magic, a provider of wallet-as-a-service for cryptocurrencies, has secured $52 million in a recent strategic funding cycle, spearheaded by PayPal Ventures.
According to the official announcement, the funding obtained will support the enhancement of functionality to encompass a broader range of use cases and facilitate significant growth in the European Union and Asia-Pacific region.
In the official statement, Alan Du, a partner at PayPal Ventures, emphasized the significance of mass adoption of Web3 and commended Magic for its role in enabling this through a secure and user-friendly solution.
Mass adoption of Web3 is a hot topic, and Magic is facilitating this with a safe and simple solution.
Alan Du, PayPal Ventures partner
Du expressed that Magic’s wallet creation service empowers companies to connect with millions of users through their applications and onboard individuals who are new to Web3. PayPal Ventures takes pride in investing in Magic, believing that the company will contribute to the expansion of Web3 use cases among global brands.
The funding round also attracted participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital, in addition to PayPal Ventures. With this latest round of funding, Magic’s total raised capital surpasses $80 million.
Magic, established in 2018 and headquartered in San Francisco, offers enterprise-level solutions designed to assist companies in securely and effortlessly onboarding customers into Web3. Their non-custodial wallet creation infrastructure involves an easily installable software development kit (SDK) that integrates within a company’s code. This enables users to swiftly create new wallets by leveraging their existing email, social media accounts, or SMS.
As per the company, Magic has successfully generated over 20 million distinct wallets thus far, and their SDK is actively utilized by over 130,000 developers. Magic serves a diverse range of clients across various industries, including retail, music, fashion, and gaming. Prominent clients of Magic include Mattel, Macy’s, Immutable, and numerous others.
