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San Francisco-based wallet-as-a-service provider, Magic, has successfully secured $52 million in a strategic funding round led by PayPal Ventures. This latest round of funding brings the total funds raised by Magic to over $80 million since its inception in 2020.
Already, the company’s software is already being utilized by renowned brands in retail, music, fashion, and gaming, including Mattel, Macy’s, Xsolla, and Immutable.
With the newly acquired funding, Magic aims to drive adoption by offering authentic digital ownership opportunities and expand its functionality, use cases, and integration within the European Union and Asia-Pacific region.
Magic’s software development kit (SDK) enables vendors to facilitate wallet creation for users using existing email, social, SMS, or federated logins. The SDK provides a comprehensive package for user onboarding, encompassing authentication, fiat on-ramps, nonfungible token (NFT) minting, and NFT checkout.
Moreover, Magic emphasizes its commitment to compliance with various regulations, including the California Consumer Privacy Act, the European Union’s General Data Protection Regulation, and the International Organization for Standards protocols.
Since its establishment, Magic has generated over 20 million unique wallets, with more than 130,000 developers utilizing its SDK. The company’s proprietary technology boasts an impressive capability to generate over 2,000 wallets per second.
The significant funding received by Magic aligns with the trend of substantial investments in crypto and Web3 wallet providers in recent years. The future looks promising for Magic as it continues to innovate and solidify its position in the evolving landscape of digital wallets and blockchain technology.