Magic raises $52m despite crypto bear market

Non-custodial wallet-as-a-service provider, Magic, has secured $52 million in funding in a recent funding round, despite challenging bear market conditions.

The funding, led by PayPal Ventures and joined by Cherubic, Synchrony, KX, Northzone, and Volt Capital, will support Magic’s efforts to expand its enterprise-ready product suite and facilitate the adoption of web3 technology.

Supporting web3 adoption

Magic has positioned itself as a provider of tools to assist companies in transitioning customers to the web3 ecosystem.

By offering an enterprise-grade solution, Magic aims to simplify the migration process, enabling various possibilities such as customer loyalty programs, digital collectibles, employee recognition, ticketing, memberships, and more.

According to Sean Li, Magic’s co-founder and CEO, there is a growing interest in web3 use-cases among large enterprises across multiple industries. Brands worldwide are exploring the potential of blockchain technology beyond cryptocurrencies to engage customers in innovative ways.

Magic collaborates with Fortune 500 companies to bring web3 experiences to a wider audience, with a vision to create new economic opportunities.

The recently secured funding will enable Magic to enhance its functionality and offer expanded use cases, aiming to provide increased value to its customer base.

Additionally, Magic plans to strengthen its integration within the European Union (E.U.) and Asia-Pacific (APAC) regions, with the goal of facilitating broader web3 adoption across different geographic markets.

Alan Du, a Partner at PayPal Ventures, highlights the significance of Magic’s user-friendly solution in driving web3 adoption. By providing a wallet creation service that allows companies to reach millions of users and onboard newcomers to web3, Magic aims to support various use-cases for global brands.

By expanding its product suite and reinforcing its presence in key regions, the company aims to contribute to the widespread adoption of blockchain technology and the realization of authentic digital ownership for all.

Magic wallet

Magic wallet is a non-custodial wallet designed to simplify the management of cryptocurrencies. The platform aims to make crypto management more straightforward and hassle-free for all users by prioritizing accessibility and usability. 

In related development, MetaMask, a prominent provider of cryptocurrency wallets, recently announced a partnership with PayPal to enable ether (ETH) purchases for users in the United States. This collaboration positions MetaMask as the first web3 wallet to facilitate ETH transactions through the popular payment platform. 

Through this integration, U.S. users now have the ability of selecting PayPal as their payment method when purchasing ETH via MetaMask.