Payward, parent of Kraken, buys Magic Labs' wallet SDK that powered 50M+ wallets. Magic Labs becomes Newton Labs, targeting chain unification and AI asset management.
Alpha Score of 61 reflects moderate overall profile with moderate momentum, strong value, moderate quality, moderate sentiment.
Kraken's parent company Payward has acquired Magic Labs' embedded wallet business, adding a service that has powered more than 50 million wallet creations. The deal adds to a string of purchases this year that includes Backed Finance, Magna, and the $550 million buyout of derivatives exchange Bitnomial.
Financial terms of the Magic Labs acquisition were not disclosed. Magic Labs, the developer of a wallet software development kit, will rebrand as Newton Labs and shift focus to onchain finance infrastructure. The new entity plans to build a chain unification protocol, AI-driven asset management tools, and developer products for digital asset interactions. Newton Labs has flagged a collaboration with Polygon's AggLayer as part of its cross-chain strategy.
Magic Labs raised $52 million in a 2024 round led by PayPal Ventures. No tokens are tied to the transaction or to Newton Labs' products, according to current reporting.
The acquisition gives Payward a vertical stack covering custody, trading, derivatives, tokenization, and wallet infrastructure. Magic Labs' wallet SDK had processed over 50 million wallet creations before the sale.
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