Payward Acquires Magic Labs Wallet Business Serving 2M+ Developers

According to The Block, Payward, Kraken's parent company, has agreed to acquire Magic Labs' embedded wallet business. Magic Labs has created over 60 million wallets serving more than 200,000 developers since 2018. Following the transaction, wallet customers will migrate to Payward Services, while Magic Labs will rebrand as Newton Labs to focus on developing the Newton Protocol, an on-chain finance authorization layer for executing compliance, security, and risk management strategies before transaction settlement.
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