Magic Labs has agreed to sell its embedded wallet business to Payward, the parent company of cryptocurrency exchange Kraken, as part of a broader restructuring that sees the firm rebrand to Newton Labs.
The transaction is structured as an asset sale.
Magic Labs and Payward will remain separate, independent companies following the close.
Wallet customers will transition to Payward Services, while Magic Labs will operate as Newton Labs, according to a company statement shared with The Block on Monday.
Magic Labs has created more than 60 million wallets since its founding in 2018 and supports over 200,000 developers across consumer and institutional applications, per the statement.
