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- Magic, the WaaS leader, has secured $52M in funding, driving the total to over $80M.
- Global brands utilize Magic’s secure and seamless solutions for varied web3 applications.
- The new funding will enable Magic to expand functionality, enhancing its wallet services.
In a pivotal development that further consolidates the emergence of web3, Magic, the leading wallet-as-a-service (WaaS) provider, has successfully amassed a strategic investment worth $52 million.
The investment round, spearheaded by PayPal Ventures, also witnessed participation from notable entities like Cherubic, Synchrony, KX, Northzone, and Volt Capital, bringing Magic’s total funds raised to over $80 million.
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.
— Magic (@magic_labs) May 31, 2023
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Magic is driving the mass adoption of web3 by offering a formidable WaaS solution to companies seeking secure, efficient transitions to web3. The company’s revolutionary services have facilitated companies to tap into rewarding opportunities in areas such as customer loyalty programs, digital collectibles, employee recognition, ticketing, and memberships. Magic’s growing client base includes well-established brands in retail, music, fashion, and gaming.
Since its inception in 2018, Magic has observed a substantial uptick in web3 use-cases among large enterprises across diverse verticals. The company is playing a crucial role in helping global brands harness the potential of blockchain beyond its conventional crypto use, paving the way for innovative customer engagement and monetization strategies.
The freshly procured funding is set to fuel Magic’s mission of democratizing digital ownership and creating novel economic opportunities. Additionally, the funds will bolster Magic’s service expansion, facilitate deeper integration within the EU and APAC, and drive the adoption of emerging web3 use-cases.
Future of WEB3 in the Crypto Space
With an extraordinary capability to decentralize the internet, web3 is charting a future that is extraordinarily exciting for the crypto space. Pioneers like Magic are catalyzing this future, steering web3 from being a niche technological curiosity to an integral component of the global digital landscape.
With the infusion of funds and strategic alliances, Magic is empowering businesses and customers alike to explore the latent potential of web3, and shaping an internet that is increasingly decentralized, secure, and user-centric.