Magic, a San Francisco, CA-based wallet-as-a-service (WaaS) provider for web3, raised $52M in strategic funding.
The round, which brought the total amount to more than $80M, was led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital.
The company intends to use the funds to expand its enterprise-ready product suite to support its customer base.
Led by CEO Sean Li, Magic serves as a WaaS provider for companies that are searching for safe ways to bring their customers over to web3. It provides an enterprise grade solution to web3 migration that is opening up new avenues from customer loyalty programs and digital collectibles to employee recognition, ticketing, memberships, and more.
Magic provides secure, seamless, and near-instant non-custodial wallet creation. Once its SDK is implemented in a vendor’s code base, wallets can be instantaneously user-created through existing email, social, SMS, or federated logins. The patented technology allows for scalability and provides users with complete control over their assets.
To date, the company has generated more than 20 million unique wallets and its SDK is used by over 130,000 developers. Magic’s proven scalability produces upwards of 2,000 wallets per second [wps] versus the fastest alternatives at 80-100 wps.
Customers are some of brands across retail, music, fashion and gaming including Mattel, Macy’s, Xsolla, and Immutable.
FinSMEs
31/05/2023