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Magic, a wallet-as-a-service (WaaS) provider based in San Francisco, has secured $52 million in a strategic funding round led by PayPal Ventures, elevating the company’s valuation to nearly $500 million.
Other contributors to this funding round include Cherubic, Synchrony, KX, Northzone, and Volt Capital.
- The newly acquired capital will be utilized to enhance Magic’s capabilities and support an increasing range of use cases. There will also be an emphasis on deeper integration within the European Union (EU) and Asia-Pacific region (APAC).
- In response to this recent development, Alan Du, Partner at PayPal Ventures, remarked,
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“The widespread adoption of web3 is a significant topic, and Magic is enabling this with a secure and straightforward solution. We are pleased to invest in Magic and believe the company will contribute to the expanding number of web3 applications among global brands.”
- Sean Li, co-founder and CEO of Magic, pointed out that global brands have recognized the capabilities of blockchain beyond cryptocurrency and are leveraging it to connect with their customers and monetize experiences in innovative ways.
- The executive also disclosed that Magic is collaborating with Fortune 500 companies to bring their Web3 applications to everyday users.
- Statistics indicate that the WaaS provider has generated over 20 million unique wallets, and its SDK is utilized by more than 130,000 developers. Magic’s scalability allows for the creation of over 2,000 wallets per second (wps), compared to the fastest alternatives which manage 80-100 wps.
- In addition to Magic, various other firms in the Web3 sector are investing in the wallet-as-a-service model that allows users to integrate crypto tools into their operations. Coinbase recently announced the launch of a WaaS service that will enable companies to customize blockchain wallets for their clients.
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