Kraken Parent Company Payward Acquires Magic Labs Embedded Wallet Business

Odaily Odaily reported that Kraken's parent company Payward has agreed to acquire Magic Labs' embedded wallet business through an asset sale, with both parties maintaining independent corporate structures. Since 2018, Magic Labs has created over 60 million wallets and served more than 200,000 developers. Upon completion of the transaction, wallet customers will migrate to Payward Services; Magic Labs will be renamed Newton Labs and focus on developing the Newton Protocol, an on-chain financial authorization layer used to pre-execute compliance, security, and risk control strategies before transactions are submitted on-chain.