Wallet-as-a-Service Provider Magic Closes $52M Funding Led by PayPal Ventures

PANews news on May 31, according to Fortune, Magic, a San Francisco-based crypto wallet-as-a-service (WaaS) provider, announced that it has raised $52 million in a strategic financing round led by PayPal Ventures. Cherubic, Synchrony, KX, Northzone and Volt Capital followed suit. The new funding round brings the total raised to more than $80 million.

Magic helps businesses onboard users to web3 with instant non-custodial wallet creation. It uses email or social logins while eliminating the need for seed phrases and browser extensions. Magic provides features for end-to-end web3 onboarding, including authentication, fiat onramp, NFT minting, and NFT checkout. To date, Magic has created more than 20 million wallets and is used by more than 130,000 developers.

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