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- 1 The leading crypto wallet service provider, Magic, has reported on raising $52 Million.
- 2 It will provide Web3 solutions to support a growing customer base.
The crypto wallet service provider of San Francisco, Magic, has announced that it has raised $52 Million in a funding round led by PayPal Ventures. The round had participation from Synchrony, Cherubic, KX, Northzone, and Volt Capital.
Following the recent funding, the total amount reached beyond $80M.
Magic is delegating Web3 mass adoption by helping as a wallet service provider for companies searching for safe and secure ways to bring their customers to the space. It aims to provide easy migration to Web3 with minimum complexity in the process.
Magic Will Help in Easy Migration to Web3
Magic has a variety of customers from sectors of music, fashion, retail, and gaming. Web3 migration is opening new ways with employee recognition, ticketing, membership, and more. It can improve security and transparency in buying and selling goods and services. This can eliminate the need for intermediaries, and thereby, lead to greater economic and social empowerment.
Sean Li, Magic’s co-founder, and CEO, stated that the company had seen huge growth in the use cases of Web3. Firstly, blockchain is associated just with crypto, but now global brands have realized the potential of blockchain. Currently, the company is working with 500 companies to bring their web3 use cases to everyday users.
He also stated that with this funding, they are focusing on the expansion of functionality, and serving more value to the customers. They are looking forward to making a deeper integration with the EU and APAC.
Alan Du, a partner at PayPal Ventures, said that Magic is providing safe and easy solutions for Web3 to mass adoption. He stated that the company is proud to invest in Magic and that the company will contribute to the growth of Web3 use cases globally.
PayPal Funding Utilized in Simplifying Web3 Wallet Solutions
The PayPal funding will be utilized by Magic in simplifying the web3 wallet solutions. Their solution continues to be non-custodial. When Magic’s software development kit is implemented in a vendor’s code base, the wallets can be instant user created through existing email, SMS, or federated login. This is the patent technology of Magic which gives full control over the assets to the users.
The crypto wallet service provider has raised $52 Million in Series B from Cherubic Ventures and 5 other investors. It has raised a total of $83 Million in funding over 4 rounds. The latest funding was raised on May 31, 2023, which is led by Paypal.
Previously, in the Series A round, it raised $27 Million with a lead investor, Northzone. This was announced on July 22, 2021. Also, it has raised $4 Million in the seed round with the lead investor, Placeholder.
Magic has generated more than twenty million wallets. Its software development kit is used by over 130,000 developers. Overall, it is far ahead of other wallets by producing 2,000 wallets per second as compared to other fastest alternatives at 80-100 wallets per second.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
