Magic Labs has raised over $80M to date and facilitated the creation of 20M wallets with the support of over 130k developers.
Magic Labs Inc., an upcoming Crypto Wallet-as-a-Service (WAaS) provider announced Completing a strategic funding round with $52 million to enable Web3 mass adoption. The Web3 startup intends to channel the funds to further scale up non-custodial wallet manufacturing through its SDK. According to the startup, the strategic funding round was led by PayPal Ventures, with notable investors including Cherubic, Synchronus, KX, Northzone, and Volt Capita, among others.
Magic Labs and its funding
With the new round, Magic Labs has raised over $80 million since it was founded in 2018. As a result, Magic Labs has attracted over 130k developers, including prestigious tech companies such as MattelMacy’s, Xsolla, and Immutable, among many others.
According to Magic co-founder and CEO Sean Lee, the startup is already working closely with several Fortune 500 companies to introduce their Web3 use cases. Furthermore, the notion that blockchain and cryptocurrencies can be used to facilitate seamless transfers of value around the world has attracted global brands.
“Web3 mass adoption is a hot topic, and Magic is facilitating it with a secure and simple solution,” said Alan Du, Partner at PayPal Ventures. “Magic’s wallet building service allows companies to reach millions of users across their apps and new customers for Web3. We are proud to invest in Magic and we believe the company will continue to pioneer Web3 use-cases among global brands.” will help increase the growing number of
Magic Labs and Market Outlook
Magic has set a distinction in its service by obtaining several regulatory approvals including California Consumer Privacy Act, Systems and Organization Controls 2 Type II, European Union’s General Data Protection Regulation, International Organization for Standards Protocol and Health Insurance Portability. and Accountability Act.
However, the startup is entering a highly competitive market that has been dominated by Ethereum-based MetaMask, Ledger and Binance-backed Trust Wallet. It is worth mentioning that Metamask has recently raised about $200 million at a valuation of about $3.2 billion. Hardware wallet Ledger also recently announced a strategic funding round, raising $109 million at a $1.9 billion valuation.
We’re Thrilled to Announce Our Latest Funding of $52M @PayPal @cherubicvc @synchrony @northzoneVC @VoltCapital @kx, Magic Web3 is solving onboarding and our mission is to give a wallet to every internet user.
👇 read morehttps://t.co/9tdZsH3lxH
— magic (@magic_labs) May 31, 2023
Nevertheless, Magic Labs is optimistic that it will attract more Web3 developers and users over time as it offers more advanced and simpler interactive services. For example, Magisk offers over 20 authentication methods, including email, SMS, and social. Additionally, Magic Labs crypto wallets utilize a diverse on-ramp platform including credit, debit and instant bank ACH, with PayPal topping the list.

Let’s talk crypto, metaverse, NFTs, Sedefi, and stocks, and focus on multi-chain as the future of blockchain technology. Let us all win!
Bitcoin Crypto Related Post