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FollowingMagic Labs sells embedded wallet business to Kraken's parent company
Magic Labs has agreed to sell its embedded wallet business to Kraken's parent company Payward. The transaction will close in the next few weeks, depending on normal delivery conditions. The transaction amount was not disclosed; however, Magic Labs CEO Sean Li said the acquisition will be made through an asset sale.
Magic Labs 'wallet business has created more than 60 million wallets and are used by well-known brands such as Polymarket and WalletConnect. Li said the business will operate independently of Payward, but from August 1, customers will be served by Payward.
Payward plans to integrate the wallet technology to expand its Payward Services product portfolio. Magic Labs said it was selling its wallet business to focus on Newton Protocol, its licensing layer for on-chain finance.
Li said: "This shift allows us to focus all our efforts on Newton (the authorization layer of on-chain finance), while the wallet business will be handed over to a team dedicated to serving our customers." As part of the transition, the company changed its name to Newton Labs.
Payward's acquisition boom continues
The Magic Labs deal continues a series of acquisitions by Kraken's parent company since 2026 to date. Payward has completed its acquisition of Hong Kong stablecoin payment and card issuing company Reap Technologies Holdings Limited ("Reap"), a transaction originally announced on May 7. The transaction was a cash-and-stock approach with a total value of $600 million.
In April, Payward also agreed to pay up to $550 million in cash and stock to acquire U.S. derivatives platform Bitnomial. The platform holds all three licenses required to operate the full-stack derivatives business. The deal is said to value Payward at $20 billion.
Although Payward continues to acquire crypto companies, previous plans to list Kraken remain on hold. The company submitted a draft S-1 registration statement with the U.S. Securities and Exchange Commission in November to list in the United States. However, the plan was suspended in March, and Kraken said the market environment was difficult.
