1 year ago
Crypto wallet-as-a-service supplier Magic has raised $52 million successful a caller strategical backing circular led by PayPal Ventures.
The backing volition assistance grow functionality to see much usage cases and toward a deeper enlargement wrong the European Union and Asia-Pacific region, according to the property release.
"Mass adoption of Web3 is simply a blistery topic, and Magic is facilitating this with a harmless and elemental solution," said Alan Du, spouse astatine PayPal Ventures, successful the property release. "Magic's wallet instauration work allows companies to scope millions of users connected their apps and onboard customers who are caller to Web3. We're arrogant to beryllium investing successful Magic and judge the institution volition assistance thrust the increasing fig of Web3 use-cases amongst planetary brands."
Other participants successful the backing circular included Cherubic, Synchrony, KX, Northzone, and Volt Capital. Magic has present raised a full of much than $80 million.
Founded successful 2018, San Francisco-based Magic provides enterprise-grade solutions that tin assistance companies bring customers into Web3 successful a safe, casual way.
The non-custodial wallet instauration infrastructure involves a bundle improvement kit (SDK) that tin beryllium installed successful a company’s code. Users tin past instantly make a caller wallet utilizing their existing email, societal media accounts oregon SMS.
Magic has generated much than 20 cardinal unsocial wallets to date, according to the company, and the SDK is utilized by implicit 130,000 developers. Magic's clients span retail, music, manner and gaming and see Mattel, Macy’s, Immutable, and more.
Edited by Parikshit Mishra.
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