PayPal Ventures Led $52M Funding Round For Web3 Firm Magic

San Francisco-based wallet-as-a-service (WAAS) provider Magic has raised $52 million in a strategic funding round led by PayPal Ventures, bringing the firm’s valuation to just under $500 million.

Other participants in the funding round include Cherubic, Synchrony, KX, Northzone, and Volt Capital.

• The latest capital infusion will be deployed to expand Magic’s functionality and enable growing use cases. The focus will also be on deeper integration within the European Union (EU) and the Asia-Pacific region (APAC).
• Commenting on the latest development, Alan Du, Partner at PayPal Ventures, said,

“Web3 mass adoption is a hot topic, and Magisk is facilitating it with a secure and simple solution. We are proud to have invested in Magisk and are confident that the company will continue to pioneer Web3 use-cases among global brands. Will help add to the growing numbers.”

• Magic Co-Founder and CEO Sean Lee highlights how global brands have realized the potential of blockchain beyond crypto and are using it to engage with their customers and monetize the experience in new ways .
• The exec further revealed that Magic is working with Fortune 500 companies to bring their Web 3 use cases to everyday users.
• According to statistics, the WaaS provider has churned out over 20 million unique wallets, and its SDK is used by over 130,000 developers. Magic’s scalability generates over 2,000 wallets per second (wps), compared to the fastest alternatives at 80-100 wps.
• Besides Magic, several other companies in the Web3 space are betting on the wallet-as-a-service model that enables users to plug crypto tools into their operations. Coinbase recently announced the launch of a WaaS service that will let companies customize blockchain wallets for their customers.

San Francisco-based wallet-as-a-service (WAAS) provider Magic has raised $52 million in a strategic funding round led by PayPal Ventures, bringing the firm’s valuation to just under $500 million.

Other participants in the funding round include Cherubic, Synchrony, KX, Northzone, and Volt Capital.

• The latest capital infusion will be deployed to expand Magic’s functionality and enable growing use cases. The focus will also be on deeper integration within the European Union (EU) and the Asia-Pacific region (APAC).
• Commenting on the latest development, Alan Du, Partner at PayPal Ventures, said,

“Web3 mass adoption is a hot topic, and Magisk is facilitating it with a secure and simple solution. We are proud to have invested in Magisk and are confident that the company will continue to pioneer Web3 use-cases among global brands. Will help add to the growing numbers.”

• Magic Co-Founder and CEO Sean Lee highlights how global brands have realized the potential of blockchain beyond crypto and are using it to engage with their customers and monetize the experience in new ways .
• The exec further revealed that Magic is working with Fortune 500 companies to bring their Web 3 use cases to everyday users.
• According to statistics, the WaaS provider has churned out over 20 million unique wallets, and its SDK is used by over 130,000 developers. Magic’s scalability generates over 2,000 wallets per second (wps), compared to the fastest alternatives at 80-100 wps.
• Besides Magic, several other companies in the Web3 space are betting on the wallet-as-a-service model that enables users to plug crypto tools into their operations. Coinbase recently announced the launch of a WaaS service that will let companies customize blockchain wallets for their customers.