Web3 developer Magic raises $52 million led by PayPal Ventures

On May 31, San Francisco-based Wallet-as-a-Service (WAaS) provider Magic announced that it successfully raised $52 million in a strategic funding round led by PayPal Ventures. Also participating in the funding round were venture firms Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing Magic’s total funding to over $80 million.

Magic’s software is currently used by brands in retail, music, fashion and gaming, including Mattel, Macy’s, Xsola and Immutable. With the funding, Magic aims to increase adoption by providing authentic digital ownership capabilities and plans to expand functionality, improve use cases, and deepen integration across the EU and Asia Pacific.

By implementing Magisk’s software development kit (SDK), sellers can enable users to create wallets using existing email, social media, SMS or federated logins. The software provides an all-in-one package for user onboarding, which includes authentication, fiat on-ramp, non-fungible token (NFT) minting, and NFT checkout.

The platform also claims to be compliant with various regulations such as SOC2 Type 2, CCPA, GDPR, HIPAA, and ISO. Founded in 2020, Magisk has generated over 20 million unique wallets to date, with over 130,000 developers using the SDK. The company claims that its patented technology can generate over 2,000 wallets per second.

Crypto and web3 wallet providers have attracted significant funding rounds in recent years. In November 2021, Cointelegraph reported that ConsenSys, the web3 software developer behind the MetaMask self-custodial wallet, had raised $200 million at a $3.2 billion valuation. Similarly, on March 30, 2023, crypto wallet provider Ledger raised $109 million at a valuation of $1.4 billion following an increase in demand for self-custody. In the same month, multichain wallet BitKeep announced that it had raised $30 million at a $300 million valuation.

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