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 of the fund 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 making a deeper integration within the European Union (EU) and Asia-Pacific region (APAC).
Commenting on the latest development, Alan Du, Partner at PayPal Ventures, stated,
“Mass adoption of web3 is a hot topic, and Magic is facilitating this with a safe and simple solution. We’re proud to be investing in Magic and believe the company will help drive the growing number of web3 use-cases amongst global brands.”
Sean Li, Magic’s co-founder and CEO, highlighted that global brands have realized the potential of blockchain beyond crypto and are utilizing 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 Web3 use cases to daily users.
According to the stats, the WaaS provider has churned more than 20 million unique wallets, and its SDK is used by over 130,000 developers. Magic’s scalability produces over 2,000 wallets per second (wps) versus 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 starting a WaaS service that will let companies customize blockchain wallets for their customers.
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