Kraken Parent Payward Buys Magic Wallet Tech

Payward, the parent company of the popular crypto exchange Kraken, has agreed to acquire the wallet as a service business from Magic Labs. This deal brings in embedded, non custodial wallets to strengthen the infrastructure platform behind Kraken. It adds technology that has already created more than 60 million wallets.

Magic Labs is selling this wallet business so the team can focus entirely on onchain authorization through Newton Labs. For Payward, this move adds powerful wallet creation tools into their growing enterprise product suite. It gives them a strong foundation for future user adoption.

Traders and industry watchers should keep an eye on how Kraken plans to integrate these new wallet tools into their daily operations. As exchanges look for ways to bring in mainstream users, owning the underlying wallet infrastructure could prove very useful.