June 1, 2023

Magic Receives $52 Mln from PayPal in Strategic Funding Round

Magic Logo

Magic Logo

The pioneering wallet-as-a-service (WaaS) provider, Magic, announced it has raised a strategic funding round worth $52 million led by PayPal Ventures.

Venture companies, including Cherubic, Northzone, Volt Capital, Synchrony, and KX took part in the funding round, which raised the total to more than $80 million, according to PR Newswire.

Magic, as a WaaS provider for companies, promotes Web3 adoption as it offers a low-effort solution to Web3 migration. Some of Magic’s customers are among the most trusted brands in the areas of gaming, fashion, music, and retail, including Mattel, Macy’s, Xsolla, Immutable, and more.

In this regard, Magic’s co-founder and CEO Sean Li said: “Since launching in 2018, we have witnessed a steady increase in web3 use-cases among large enterprises across a wide variety of verticals. Global brands have realized the potential of blockchain beyond crypto and are utilizing it to engage with their customers and monetize the experience in new ways. Magic is working closely with Fortune 500 companies to bring their web3 use cases to everyday users.”

Partner at PayPal Ventures Alan Du pointed out that Magic’s wallet creation service would help companies to reach more users on their apps, especially those who are new to the Web3 world, voicing his confidence that the additional investment would increase web3 use-cases amongst global brands.

Currently, Magic has generated more than 20 million unique wallets and its SDK is used by over 130,000 developers. Magic’s proven industry-leading scalability produces upwards of 2,000 wallets per second [wps] versus the fastest alternatives at 80-100 wps.

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