Magic, a fast-growing Web3 crypto wallet company based in San Francisco, raised a whopping $52 million in a funding round last week. The investment round was led by PayPal Ventures, the investment arm of global payments giant PayPal and was backed by Cherubic, Synchrony, KX, Northzone, and Volt Capital.
We’re thrilled to announce our latest funding of $52M backed by @PayPal @cherubicvc @synchrony @northzoneVC @VoltCapital @KX. Magic is solving web3 onboarding and our mission is to give a wallet to every internet user.
👇 Read morehttps://t.co/9tdZsH3lxH
— Magic (@magic_labs) May 31, 2023
Magic expands in EU and Asia
Magic offers Wallet-as-a-Service (WaaS). It is a service that allows companies to easily integrate crypto wallets into their existing infrastructure without the need to develop the underlying blockchain technologies. The company is currently valued at $500 million. PayPal Ventures partner Alan Du had this to say about Magic:
“Mass adoption of web3 is a hot topic and Magic facilitates this with a secure and simple solution. We are proud to invest in Magic and believe the company will drive the growing number of web3 use cases among global brands.”
Magic will use the money to add extra functionality to its service and to promote existing usage possibilities. The company also plans to expand into the European Union (EU) and Asia Pacific (APAC) regions.
Magic CEO Sean Li emphasizes that global brands are increasingly recognizing the potential and power of crypto. The CEO said that the company is working with several Fortune 500 companies to make Web3 applications more accessible to the general consumer. So far, the company is already well on its way with over 20 million unique wallets.
PayPal is betting on crypto developments
The investment by PayPal Ventures is also indicative of the growing interest in traditional financial institutions blockchain technology. PayPal itself has recently introduced crypto trading services for its users. PayPal entered the world of crypto at the end of 2020, which coincided with the start of the bull market.
