Wallet-as-a-service provider, Magic has raised $52 million in its latest strategic funding round led by PayPal Ventures. The SDK developer, which helps onboard clients to Web3 said it plans to use the investment to enable “authentic digital ownership” for everyone and further grow Web3 adoption within the EU and Asia-Pacific region.
On completion of the round, which included Cherubic, Synchrony, KX, Northzone, and Volt Capital, the company has now raised over $80 million in capital.
Speaking on the announcement Alan Du, Partner at Paypal Ventures said: “Mass adoption of web3 is a hot topic, and Magic is facilitating this with a safe and simple solution. Magic’s wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to web3. We’re proud to be investing in Magic and believe the company will help drive the growing number of web3 use-cases amongst global brands.”
Since Magic launched in 2018 it has reportedly created more than 20 million unique wallets and is used by over 130,000 developers. According to the firm, it is seeking to deliver a wallet to every internet user.
It added: “At Magic, we are making web3 accessible to the mainstream audience as the WaaS provider for companies seeking secure and easy solutions to onboard their customers to web3, while abstracting away complex blockchain concepts and making the experience indistinguishable from web2.
“Our seamless and enterprise-grade WaaS solution simplifies web3 migration, enabling businesses to explore lucrative opportunities in customer loyalty programs, digital collectibles, employee recognition, ticketing, memberships, and more.”