According to The Block, Kraken parent Payward acquired Magic Labs’ embedded wallet business through an asset purchase. The business will move to Payward Services, while Magic Labs will become Newton Labs and focus on Newton Protocol. Magic previously raised more than $80 million, including a $52 million round led by PayPal Ventures in 2023. Financial terms were not disclosed.
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Kraken Parent Acquires Magic Labs’ Embedded Wallet Business
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