Web3 Wallet-as-a-Service Provider Magic Bags $52M in Strategic Funding Round Led by PayPal Ventures


Magic has raised $52 million in a strategic funding round led by PayPal Ventures.

The new round brings the total funds raised to more than $80 million.

Magic also provides web3 onboarding solutions with NFT checkout & minting and fiat on-ramps.




Magic, the Web3 Wallet-as-a-service (WaaS) provider, today announced that 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 funds raised to more than $80 million. With the new funding, Magic will focus on expanding its functionality and growing its presence within the EU and APAC.


The WaaS provider offers an enterprise-grade SDK for developers to simplify wallet creation and web3 onboarding. Once Magic’s SDK is implemented in the vendor’s codebase, users can instantly create a wallet via email, social media, SMS, or an existing federated connection. 


Magic also provides a plug-and-play wallet widget as well as fully customizable white-label wallets compatible with more than 20 blockchains. The platform’s other web3 onboarding solutions with NFT checkout and minting and fiat on-ramps. The platform counts some of the biggest names across retail, music, fashion, and gaming, including Mattel, Macy’s, Magic Eden, and Immutable, as its customers.


“Since launching in 2018, we have witnessed a steady increase in web3 use cases among large enterprises across various 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,” Sean Li, Magic’s co-founder and CEO, said in a statement.


According to a press release, Magic has generated more than 20 million unique wallets, and its SDK is used by over 130,000 developers to date. Its scalability produces upwards of 2,000 wallets per second [wps] compared to alternatives at 80-100 wps.


VCs have been pouring capital into Web3 payments infrastructure and onboarding solution providers lately. On Tuesday, the London-based web3 payment and onboarding infrastructure provider Transak announced a raise of $20 million in a Series A round.


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