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- PayPal Ventures spearheads a $52 million strategic funding round in Magic, a non-custodial crypto wallet provider based in San Francisco.
- The funding will facilitate Magic’s expansion to the European Union and Asia-Pacific region, augmenting Web3 adoption globally.
The robust fintech firm PayPal is escalating its presence in the realm of digital assets by investing millions into Magic, a San Francisco-based crypto wallet provider. This move is an echo of PayPal’s commitment to foster the transition to Web3 — a decentralized internet powered by blockchain technology.
Magic’s announcement revealed that a strategic funding round, led by PayPal Ventures, succeeded in raising $52 million. Alan Du, a partner at PayPal Ventures, highlighted Magic’s significant role in stimulating Web3’s mass adoption through their secure and streamlined solution.
Emphasizing on Magic’s potential, Du said,
“Magic’s wallet creation service permits businesses to reach a vast user base on their applications and onboard those unfamiliar with Web3. It’s an honour to be investing in Magic, a company that is likely to catalyze the increasing number of Web3 use-cases among global brands.”
Cherubic, Synchrony, KX, Northzone, and Volt Capital joined PayPal Ventures in this funding round, pushing the total funds raised by Magic to a whopping $80 million.
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Founded in 2018, Magic offers a wallet-as-a-service (WaaS) infrastructure that allows businesses to deliver a secure and easy-to-use Web3 experience to their customers. Utilizing an innovative software development kit (SDK), the company enables customers to generate wallets instantaneously using their pre-existing email, social media accounts, or SMS. Up until now, Magic has crafted over 20 million unique wallets.
Magic’s current clientele consists of globally recognized brands such as Mattel, Macy’s, Xsolla, and Immutable. Co-founder of Magic, Sean Li, pointed out that the recent funding will expedite the company’s expansion into the European Union and Asia-Pacific region.
According to a recent filing with the U.S. Securities and Exchange Commission, PayPal held around $604 million in digital assets at the end of 2022, underlining their increasing involvement in the crypto world. Additionally, PayPal announced a partnership with ConsenSys last December to integrate PayPal into MetaMask, a leading global crypto wallet. Furthermore, PayPal-owned Venmo revealed plans in April to enable its over 70 million users to transfer crypto to other users and relocate digital assets to external wallets and exchanges.
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