PayPal Ventures leads $52M Funding Round for Magic
Leading non-custodial wallet-as-a-service (WaaS) provider and web3 onboarding solution to expand its enterprise-ready product suite to support growing customer base

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SAN FRANCISCO, May 31, 2023 /PRNewswire/ -- Magic, the leading wallet-as-a-service (WaaS) provider, today announced it has raised $52 million in a strategic funding round led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital. The new round brings the total raised to more than $80M.

Magic is enabling web3 mass adoption by serving as the de facto WaaS provider for companies that are searching for safe and easy ways to bring their customers over to web3. Magic provides a seamless enterprise grade, low-effort solution to web3 migration that is opening up lucrative new avenues from customer loyalty programs and digital collectibles to employee recognition, ticketing, memberships, and more.  Magic's customers are some of the most trusted brands across retail, music, fashion and gaming including Mattel, Macy's, Xsolla, Immutable, and more.

"Since launching in 2018, we have witnessed a steady increase in web3 use-cases among large enterprises across a wide variety of verticals. 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. Magic is working closely with Fortune 500 companies to bring their web3 use cases to everyday users," said Sean Li, Magic's co-founder and CEO. "Our vision is to ignite new economic opportunities by enabling authentic digital ownership for everyone - starting with building the necessary infrastructure to onboard the next billion users to web3. With this new funding, we're focused on expanding functionality and enabling growing use cases to continue delivering more value to our customers. We are also looking forward to making a deeper integration within the EU and APAC."

"Mass adoption of web3 is a hot topic, and Magic is facilitating this with a safe and simple solution," said Alan Du, Partner at PayPal Ventures. "Magic's wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to web3. 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."

Magic provides secure, seamless, and near-instant non-custodial wallet creation. Once Magic's SDK is implemented in a vendor's code base, wallets can be instantaneously user-created through existing email, social, SMS, or federated logins.  Magic's patented technology allows for unparalleled scalability and provides users with complete control over their assets. This, coupled with its enterprise-ready features and SOC2 Type 2, CCPA, GDPR, HIPAA, and ISO compliance, sets Magic apart from other WaaS providers. While other WaaS providers require login via mobile,  Magic is accessible from any user device - phone, desktop, or tablet - making it truly available to all people regardless of the ways in which they connect to the web.

To date, Magic has generated more than 20 million unique wallets and its SDK is used by over 130,000 developers. Magic's proven industry-leading scalability produces upwards of 2,000 wallets per second [wps] versus the fastest alternatives at  80-100 wps.

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