San Francisco-based wallet-as-a-service (WaaS) provider Magic has raised $52 million in a strategic funding round led by PayPal Ventures, bringing the company’s valuation to just under 500. millions of dollars.
Other participants in the fundraising include Cherubic, Synchrony, KX, Northzone and Volt Capital.
- The latest capital injection will be deployed to extend Magic’s functionality and enable growing use cases. Emphasis will also be placed on deepening integration within the European Union (EU) and the Asia-Pacific (APAC) region.
- Commenting on the latest development, Alan Du, Partner at PayPal Ventures, said:
“Mass adoption of web3 is a hot topic, and Magic is facilitating that with a safe and simple solution. We are proud to invest in Magic and are confident that the company will help increase the number of use cases for Web3 among global brands.
- Sean Li, co-founder and CEO of Magic, pointed out that global brands have realized the potential of blockchain beyond crypto and are using it to engage with their customers and monetize the experience in new ways.
- The executive further revealed that Magic works with Fortune 500 companies to bring their Web3 use cases to everyday users.
- According to Statistics, the WaaS provider has created over 20 million unique wallets and its SDK is used by over 130,000 developers. Magic’s scalability produces over 2,000 wallets per second (wps) compared to the fastest alternatives at 80-100 wps.
- Besides Magic, several other companies in the Web3 space are betting on the wallet-as-a-service model that allows users to connect crypto tools to their operations. Coinbase recently announced the launch of a WaaS service that will allow businesses to customize blockchain wallets for their customers.
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