[Digital Today reporter Chi-kyu Hwang (황치규)] Payward, the parent company of Kraken, will acquire Magic Labs’ wallet-as-a-service business. Cointelegraph reported on July 27 local time that Payward plans to integrate Magic Labs’ non-custodial wallet technology into its enterprise platform, Payward Services, through the deal.
Payward Services is a business-to-business platform that supports cryptocurrency trading, custody, tokenised assets and fiat on- and off-ramps. The terms of the deal were not disclosed.
The acquisition will enable Payward to offer embedded wallets integrated into applications to corporate clients. Companies will be able to provide self-custody wallets within their own services without relying on external wallet providers. As a result, corporate clients will be able to use a broader blockchain infrastructure through a single integration.
Magic Labs said that more than 200,000 developers have created more than 60 million non-custodial wallets through its infrastructure, and that it has processed more than $10 billion in stablecoin transactions.
The companies plan to complete the transaction in the coming weeks if customary closing conditions are met.
Chi-kyu Hwang (황치규)
delight@d-today.co.kr