PayPal Ventures leads $ 52 million financing round for the Magic Web3 company

Veröffentlicht:

Von:

The Wallet-As-A-Service (WAAS) provider Magic based in San Francisco has collected $ 52 million in a strategic round of financing under the direction of PayPal Ventures, which means that the company value amounts to almost $ 500 million.

Other participants in the fund round are Cherubic, Synchrony, KX, Northzone and Volt Capital.

  • The latest capital injection is used to expand the functionality of Magic and enable growing applications. The focus is also on a deeper integration within the European Union (EU) and in the Asian-Pacific area (APAC).
  • Alan du, partner at PayPal Ventures, commented on the latest development as follows:

"The mass introduction of web3 is a hot topic and Magic makes this easier with a safe and simple solution. We are proud to invest in Magic and believe that the company will help to advance the growing number of web3 applications in global brands."

  • Sean Li, co -founder and CEO of Magic, emphasized that global brands have recognized the potential of the blockchain beyond crypto and use it to get in touch with their customers and to monetize the experience in a new way.
  • The managing director also announced that Magic was working with Fortune 500 companies to make their web3 applications accessible to everyday users.
    • According to statistics, the WAAS provider produced more than 20 million unique wallets and his SDK is used by over 130,000 developers. The scalability of Magic enables over 2,000 wallets per second (WPS) compared to the fastest alternatives with 80–100 Wps.
  • In addition to Magic, several other companies in the web3 area rely on the wallet as-a-service model, which enables users to integrate crypto tools into their processes. Coinbase recently announced the introduction of a WAAS service that can use to adapt blockchain walls for their customers.

.