San Francisco-based crypto wallet company Magic has raised $52 million in a strategic funding round led by PayPal Ventures. The round also saw participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital.
Magic provides non-custodial crypto wallet infrastructure for companies that wish to give their customers an easy and secure Web3 experience.
The company uses a unique software development kit (SDK) that is implemented to allow customers to instantly create wallets using their existing email, social media accounts, or SMS. To date, Magic has created more than 20 million unique wallets.
Magic’s current customers include a number of well-known brand companies including Mattel, Macy’s, Xsolla, and Immutable.
The funding will enable Magic to expand its presence to the European Union (EU) and Asia-Pacific (APAC) region. Magic’s co-founder Sean Li says the funding will also be used to expand functionality and enable growing use cases to continue delivering more value to its customers.
PayPal’s investment in Magic is a sign of the company’s growing interest in the crypto space. In December 2022, PayPal announced that it would allow its customers to buy, sell and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The company also said that it would allow its customers to use cryptocurrency to make purchases at its online and in-store merchants.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.
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