San Francisco-based wallet-as-a-service (WaaS) company Magic has raised $52 million in a strategic funding round led by PayPal Ventures, bringing the company’s valuation to just under $500 million.
Other participants in the fund’s round include Cherubic, Synchrony, KX, Northzone and Volt Capital.
- The latest capital injection will be deployed to extend Magic’s functionality and enable increased use cases. The focus will also be on achieving deeper integration within the European Union (EU) and the Asia Pacific (APAC) regions.
- Commenting on the latest development, Alan Du, Partner at PayPal Ventures, said:
“Mass adoption of Web 3 is a hot topic, and Magic is facilitating this with a safe and simple solution. We are proud to invest in Magic and believe the company will help increase the number of Web 3 use cases among global brands.”
- Magic co-founder and CEO Sean Li explained that global brands have recognized the potential of blockchain beyond cryptography and are using it to interact with their customers and monetize the experience in new ways.
- The CEO further revealed that Magic works with Fortune 500 companies to bring Web3 use cases to everyday users.
- According to the statisticsThe WaaS provider has produced more than 20 million unique wallets, and its SDK is used by more than 130,000 developers. Magic’s expandability yields over 2000 wallets per second (wps) vs. the fastest alternatives at 80-100 wps.
- Besides Magic, many other companies in the Web3 space are betting on the wallet-as-a-service model that enables users to plug crypto tools into their operations. Coinbase recently announced the start of a WaaS service that will allow companies to allocate blockchain wallets to their customers.
Binance Free $100 (Exclusive): Use this link to sign up and get $100 free and 10% off Binance Futures first month (conditions).
PrimeXBT Special Offer: Use this link to register and enter code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.
