Kraken Parent Payward Acquires Magic Labs' Embedded Wallet Business

Payward, the parent company of cryptocurrency exchange Kraken, has acquired the embedded wallet business of Magic Labs through an asset purchase.

The business will transition to Payward Services, while Magic Labs will rebrand as Newton Labs and focus on the Newton Protocol. Magic Labs previously raised over $80 million, including a $52 million round led by PayPal Ventures in 2023.

Financial terms of the acquisition have not been disclosed.