Kraken Parent Payward Acquires Magic Labs' Embedded Wallet Business
Payward, the parent company of Kraken, has acquired the embedded wallet business of Magic Labs.
Payward, the entity behind the cryptocurrency exchange Kraken, has acquired the embedded wallet business from Magic Labs, as reported by The Block. Following this acquisition, Magic Labs will rebrand as Newton Labs.
Newton Labs plans to shift its focus towards developing onchain finance infrastructure. This move indicates a strategic realignment for Magic Labs, concentrating on foundational technology within the blockchain ecosystem rather than direct wallet services.
The acquisition by Payward suggests an expansion of Kraken's capabilities or a strategic move to integrate embedded wallet technology more deeply into its offerings. Such integrations can streamline user experience for accessing decentralized applications and managing digital assets.
Original reporting
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