The cutting-edge web3 wallet-as-a-service provider, Magic, has just announced a momentous $52 million strategic funding round led by PayPal Ventures. This latest development is set to revolutionize the blockchain landscape and propel Magic to the forefront of the industry.
We're thrilled to announce our latest funding of $52M backed by @PayPal @cherubicvc @synchrony @northzoneVC @VoltCapital @KX. Magic is solving web3 onboarding and our mission is to give a wallet to every internet user.
👇 Read morehttps://t.co/9tdZsH3lxH
— Magic Labs (@magic_labs) May 31, 2023
With an impressive clientele including major brands like Macy’s, Mattel, and Immutable, the startup enables seamless onboarding of customers by offering a comprehensive wallet solution.
Magic’s innovative approach simplifies the entire process for brands, eliminating the need for users to navigate the complex blockchain learning curve.
What sets this funding round apart is the eclectic mix of participants, bridging the gap between mainstream venture firms and crypto specialists. Notable contributors include Cherubic, Synchrony, and Northzone, alongside renowned crypto enthusiasts KX and Volt Capital. This convergence of industry leaders highlights the widespread recognition and anticipation surrounding Magic’s groundbreaking endeavors.
The latest funding injection brings Magic’s total raised capital to an impressive $80 million, a testament to the unwavering confidence and support from investors.
Navigating Web3 with Ease
The user experience, especially between wallets and infrastructure is often criticised for its lack of fluidity and over complication of payment processes. However, Magic’s non-custodial wallet solution skips the need for intricate seed phrases or browser extensions by integrating directly with email or social logins.
Now users can seamlessly navigate a Web3 marketplace and pay with ease. To date they have signed up a staggering 20 million unique wallets. This meteoric rise underscores the demand for a user-friendly gateway to web3, and Magic has successfully met this need head-on.
PayPal’s investment in Magic further solidifies its commitment to the web3 ecosystem, following its previous investments in web3 firms like Paxos and TRM Labs, renowned for their crypto brokerage and blockchain intelligence services.
As the blockchain landscape continues to evolve, Magic’s impressive funding round signals a seismic shift towards widespread adoption of web3.
