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DeFi and Credit Risk
Magic, a provider of crypto wallet-as-a-service, has successfully secured $52 million in a recent strategic funding round with PayPal Ventures taking the lead.
The press release states that the newly acquired funding will fuel Magic's efforts to enhance its functionality and cater to a diverse array of use cases. Furthermore, it will enable the company to significantly expand its presence within the European Union and the Asia-Pacific region, delving deeper into these promising markets.
"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, in the press release. "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."
In addition to Cherubic, Synchrony, KX, Northzone, and Volt Capital, several other participants also joined the funding round. With these new investments, Magic has successfully secured a total funding of over $80 million.
Established in 2018, Magic, headquartered in San Francisco, offers cutting-edge enterprise solutions aimed at facilitating a secure and seamless transition for companies to engage customers in the Web3 ecosystem.
The infrastructure for creating non-custodial wallets utilizes a software development kit (SDK) that can be integrated into a company's codebase. With this SDK, users can conveniently generate a new wallet in real-time using their existing email, social media accounts, or SMS.
Magic, a prominent company in the field, has achieved a remarkable milestone by generating over 20 million unique wallets. Their cutting-edge software development kit (SDK) has garnered significant traction, with more than 130,000 developers utilizing its capabilities. The widespread adoption of Magic's SDK extends across diverse industries, including retail, music, fashion, and gaming. Renowned brands such as Mattel, Macy's, Immutable, and many others have placed their trust in Magic's services.
