Magic Raises $52 Million in Funding to Advance Web3 Adoption
Magic, a leading wallet-as-a-service (WaaS) provider, has announced a significant milestone as they successfully closed their strategic funding round, raising $52 million. This achievement is particularly notable considering the challenging macroeconomic environment. PayPal Ventures led the funding round, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital. With this latest investment, Magic has now raised over $80 million, solidifying its position as an industry leader in WaaS.
Since its launch in 2018, Magic has witnessed a steady increase in the adoption of web3 use cases by large enterprises across various industries. Global brands have recognized the potential of blockchain technology beyond cryptocurrencies and have been leveraging it to engage with customers and monetize their experiences in innovative ways. Magic has been working closely with Fortune 500 companies to bring web3 use cases to everyday users.
The company’s mission is to provide a wallet to every internet user, enabling the full potential of web3 and creating new economic opportunities through authentic digital ownership for all. With the new funding, Magic’s focus is on expanding functionality and enabling new use cases to deliver even more value to its customers. The company also plans to significantly increase its adoption within the European Union (EU) and Asia-Pacific (APAC) regions.
Magic is committed to making web3 accessible to the mainstream audience by offering secure and user-friendly solutions for companies to onboard their customers to web3. It abstracts away complex blockchain concepts, making the experience indistinguishable from web2.
Magic’s WaaS solution simplifies web3 migration and empowers businesses to explore lucrative opportunities in areas such as customer loyalty programs, digital collectibles, employee recognition, ticketing, and memberships. Trusted by renowned brands across various industries, including Mattel, Macy’s, Xsolla, Immutable, and others, Magic differentiates itself through its patented delegated key management system technology, enterprise-ready features, and compliance with industry standards and regulations like SOC2 Type 2, CCPA, GDPR, HIPAA, and ISO.
Alan Du, a Partner at PayPal Ventures, highlighted the significance of web3 mass adoption and commended Magic for facilitating it through a safe and user-friendly solution. Du emphasized that Magic’s wallet creation service enables companies to reach millions of users on their apps and onboard new customers to web3. PayPal Ventures is proud to invest in Magic and believes the company will play a pivotal role in driving the growing number of web3 use cases among global brands.
To date, Magic has created more than 20 million unique wallets and has garnered support from over 130,000 developers. The company takes pride in its efforts to eliminate onboarding challenges and promote web3 mass adoption. The recent funding round provides Magic with additional resources to continue its mission and deliver top-notch solutions that empower businesses and developers to leverage the vast potential of web3. As Magic continues to grow, they eagerly anticipate forming new partnerships, driving innovation, and expanding their global presence.
Magic is a provider of wallet-as-a-service solutions that facilitate the onboarding of users into web3 through instant non-custodial wallet creation. It offers a seamless experience by utilizing email or social logins and eliminating the need for seed phrases and browser extensions, thereby making the user experience similar to standard web2 interactions.
Magic’s comprehensive web3 onboarding features include authentication, fiat onramps, NFT Minting, and NFT Checkout. The company’s solutions are trusted by leading brands in both web2 and web3 sectors, including Mattel, Macy’s, Xsolla, Immutable, and others. With over 20 million wallets created and used by more than 130,000 developers, Magic has established itself as a prominent player in the industry.