PayPal Ventures Leads $52M Funding for Crypto Firm Magic

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Crypto firm Magic, which provides non-custodial wallet infrastructure, has secured $52 million in strategic funding. The funding round was led by PayPal Ventures and counts enterprise clients such as Macy’s and Mattel among its customer base.

According to a press release, the funding will support the expansion of Magic’s functionality to cater to additional use cases. It will also aid the company in further expanding its presence in the European Union and the Asia-Pacific region.

In a press release, Alan Du, partner at PayPal Ventures, expressed that Magic is contributing to the widespread adoption of Web3 with its secure and user-friendly solution. Du highlighted that Magic’s wallet creation service enables companies to connect with millions of users through their apps and onboard new customers who are new to Web3.

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PayPal Ventures is proud to invest in Magic and believes that the company will play a key role in promoting various Web3 use-cases for global brands.

n addition to PayPal Ventures, other participants in the funding round included Cherubic, Synchrony, KX, Northzone, and Volt Capital. With this latest funding, Magic has raised over $80 million in total.

Magic, founded in 2018 and based in San Francisco, offers secure and user-friendly solutions for businesses to onboard customers into Web3. Their enterprise-grade solutions make it safe and easy for companies to introduce customers to the world of Web3 technology.

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The non-custodial wallet creation infrastructure provided by Magic includes a software development kit (SDK) that can be integrated into a company’s code. This allows users to easily create a new wallet by using their existing email, social media accounts, or SMS.

According to the company, Magic has created over 20 million unique wallets so far, and its software development kit (SDK) is utilized by over 130,000 developers. Magic serves clients from various industries, including retail, music, fashion, and gaming. Some notable clients include Mattel, Macy’s, Immutable, and others.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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