- The Magic has now raised over $80M in total.
- New capital is used to expand functionality
Crypto startup Magic, which provides cryptocurrency wallets as a service, was able to attract $52 million investment as part of a strategic funding round. PayPal Ventures became the main investor. Volt Capital, Cherubic Ventures, Northzone, KX, Synchrony Ventures also took part in the funding round.
Magic simplifies the wallet creation process by allowing customers to quickly set up a new wallet using just their email or one tap via Google.
The press release states that the investments raised will be used to expand functionality to include a greater variety of use cases and deeper penetration into the markets of the European Union and the Asia-Pacific region.
Alan Du, Partner at PayPal Ventures, stated:
“Web3 deployment is a hot trend and Magic is helping with that by providing a secure and easy solution. We are proud of our investment and believe that this company will contribute to the growing interest of global brands in using Web3 in various fields of activity”
To date, Magic has successfully created over 20 million unique wallets, and over 130,000 developers use their SDKs. Magic’s customers include companies such as Mattel, Macy’s, Immutable, and others across industries including retail, music, fashion, and gaming.