Magic, a wallet service (WaaS) provider based in San Francisco, has raised $52 million in a strategic funding round, with PayPal Ventures leading the way and a valuation of the company near $500 million. .
Entities participating in the funding round include Cherubic, Syny, KX, Northzone and Volt Capital.
The new funding will be used to expand Magic’s functionality and meet the growing demand for its use. The focus will be on increasing integration within the European Union (EU) and the Asia-Pacific (APAC) region.
Alan Du, Partner at PayPal Ventures, commented on Magic’s latest development: “Web3 mass adoption is becoming a hot topic, and Magic is supporting this through a secure solution. and simple. We are proud to invest in Magic and believe the company will help drive the rise of web3 usage among global brands.”
Sean Li, co-founder and CEO of Magic, emphasized that global brands have realized the potential of blockchain beyond using cryptocurrency and are using it to interact with customers and generate revenue. new experiences.
Mr. Li also revealed that Magic is working with Fortune 500 companies to bring their web3 use cases to everyday users.
According to statistics, Magic has created more than 20 million wallets and their SDK is used by more than 130,000 developers. Magic’s scalability allows the creation of more than 2,000 wallets per second (wps), far exceeding the fastest alternatives available at 80-100 wps.
In addition to Magic, several other companies in the web3 space are also betting on a wallet service model, allowing users to integrate crypto tools into their operations. Recently, Coinbase announced