Wallet-as-a-Service (WaaS) provider Magic secures $52 million in a funding round led by PayPal Ventures, aiming to drive mass adoption of web3 and empower users with authentic digital ownership. Magic’s seamless and secure solutions enable businesses to onboard customers onto web3 platforms, offering a wide range of use cases including loyalty programs, digital collectibles, and more.
Magic, a leading wallet-as-a-service (WaaS) provider, has raised $52 million in a strategic funding round led by PayPal Ventures, with participation from other investors. This brings their total funding to over $80 million. Magic aims to facilitate the mass adoption of web3 by offering a seamless and secure solution for businesses to onboard their customers onto web3 platforms. Their services include enterprise-grade solutions for customer loyalty programs, digital collectibles, employee recognition, ticketing, memberships, and more.
Magic differentiates itself by providing instant non-custodial wallet creation through email or social logins, eliminating the need for seed phrases and browser extensions. This makes the experience indistinguishable from traditional web2 platforms, which users are already familiar with. The platform offers authentication, fiat onramps, NFT minting, and NFT checkout to facilitate end-to-end web3 onboarding.
Notable brands such as Mattel, Macy’s, Xsolla, and Immutable have already utilized Magic’s services. Over 20 million wallets have been created through Magic, and it is trusted by more than 130,000 developers.
Sean Li, Magic’s co-founder and CEO, expressed the increasing interest in web3 use cases among large enterprises. Companies are realizing the potential of blockchain beyond cryptocurrency and are leveraging it to engage with customers and monetize their experiences in innovative ways.
Magic works closely with Fortune 500 companies to bring web3 use cases to everyday users. With the new funding, Magic plans to expand its functionality, enable growing use cases, and deepen integration in the European Union and APAC regions.
Alan Du, Partner at PayPal Ventures, highlighted Magic’s role in driving the adoption of web3 use cases among global brands. By providing a safe and simple solution for wallet creation, Magic allows companies to reach millions of users and onboard newcomers to web3.
Magic’s patented technology ensures scalability and user control over assets. Additionally, Magic stands out from other WaaS providers by being accessible from any device, including phones, desktops, and tablets.
Magic has generated over 20 million unique wallets and is used by more than 130,000 developers. Its scalability allows for the creation of over 2,000 wallets per second, surpassing the performance of alternative solutions.
Magic’s focus is on building the necessary infrastructure to onboard the next billion users to web3 and enable authentic digital ownership for everyone.