Kraken Parent Payward Acquires Magic Wallet, Adding Technology Behind 60M Wallets
Payward, the parent company of crypto exchange Kraken, has agreed to acquire Magic Labs’ wallet infrastructure business, adding embedded, non-custodial wallets to its Payward Services platform. The deal brings technology that has powered more than 60 million wallets and processed over $10 billion in stablecoin volume. Over 200,000 developers have used Magic’s products, according to the announcement. Financial terms were not disclosed.
Payward Services gives corporate clients a single connection to crypto trading, custody, tokenized assets, derivatives, and fiat-to-crypto services. Adding Magic’s wallet software allows partners to offer self-custody products without relying on multiple providers. Businesses can use the same platform for wallets, trading, and settlement.
Mark Greenberg, Payward Chief Commercial Officer, said embedded wallets are becoming foundational infrastructure for onchain products, and the deal lets Payward offer exchange, custody, and wallet technology in one integrated system.
Magic’s infrastructure includes a trusted execution environment-based signing system, an embedded integration layer, and developer software. It enables companies to issue and manage non-custodial wallets while users retain asset control. Demand has grown as firms embed blockchain functions into familiar applications.
Magic Labs has since become Newton Labs, focusing on Newton Protocol, an authorization layer for onchain finance. Newton aims to let institutions enforce identity, compliance, and security policies before transactions settle. CEO Sean Li said the transition lets Newton Labs focus on its full energy.
Once the acquisition closes within weeks, Payward plans to integrate Magic’s technology into Payward Services. The deal extends Payward beyond exchange services; its infrastructure also supports Ninjatrader, Breakout, xStocks, Bitnomial, and CF Benchmarks. By bringing wallets in-house, Payward positions itself as a single supplier for businesses launching crypto products without building underlying infrastructure.