Magic, A Web3 Company, Gets $52 Million From PayPal Ventures

With this new round, more than $80 million have been raised so far.

Wallet-as-a-service (WaaS) company Magic, based in San Francisco, has raised $52 million in a strategic funding round led by PayPal Ventures. This brings the company’s value to just under $500 million.

Cherubic, Synchrony, KX, Northzone, and Volt Capital are also taking part in the fund round.

With the new money, Magic will get more features and be able to be used in more situations. The attention will also be on getting the European Union (EU) and the Asia-Pacific region (APAC) to work together better.

Alan Du, a partner at PayPal Ventures, said this about the current news:

“Mass adoption of web3 is a hot topic, and Magic is facilitating this with a safe and simple solution. We’re proud to be investing in Magic and believe the company will help drive the growing number of web3 use-cases amongst global brands.”

Magic’s co-founder and CEO, Sean Li, said that global brands have learned that blockchain can be used for more than just crypto and are using it to connect with customers and make money in new ways.

The executive also said that Magic is working with Fortune 500 companies to make their Web3 use cases available to regular people.

Statistics show that the WaaS service has made more than 20 million unique wallets, and more than 130,000 developers use its SDK. The scalability of Magic makes it possible to make more than 2,000 wallets per second (wps), while the fastest options only make 80–100 wps.

A lot of Web3 companies, including Magic, are betting on the wallet-as-a-service strategy, which lets users add crypto tools to their operations. Coinbase just stated that it will start a WaaS service that will let companies make blockchain wallets for their customers that are unique to them.