Kraken’s parent company Payward has picked up Magic Labs’ embedded wallet business, adding yet another acquisition to what is shaping up to be one of the most aggressive M&A runs in crypto this year.
Magic Labs, the company behind a wallet SDK that has powered more than 50 million wallet creations, is offloading its wallet arm and rebranding as Newton Labs. The new entity will pivot toward onchain finance infrastructure, including chain unification protocols and AI-driven asset management tools.
## Payward’s buying spree shows no signs of slowing
This Magic Labs deal lands on top of a string of acquisitions that already includes Backed Finance, Magna, and the completion of a $550M purchase of Bitnomial.
The financial terms of the Magic Labs wallet deal haven’t been disclosed. But context helps frame the target’s scale. Magic Labs previously raised $52 million in a round led by PayPal Ventures, which speaks to the kind of institutional confidence the company’s wallet infrastructure attracted before Payward came knocking.
