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PayPal Ventures Leads $52M Funding Round for Web3 Firm Magic

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San Francisco-based wallet-as-a-service (WaaS) provider Magic has secured $52 million in a strategic funding round led by PayPal Ventures, raising the firm’s valuation to nearly $500 million.

Cherubic, Synchrony, KX, Northzone, and Volt Capital were among the other participants in the funding round.

  • The latest capital infusion will be used to expand Magic’s functionality and enable growing use cases. The focus will also be on further integration within the European Union (EU) and Asia-Pacific region (APAC).
  • Alan Du, Partner at PayPal Ventures, said, “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.”
  • Sean Li, Magic’s co-founder and CEO, revealed that global brands are using blockchain beyond crypto to engage with customers and monetize the experience in new ways.
  • The executive also shared that Magic is collaborating with Fortune 500 companies to bring their Web3 use cases to daily users.
  • According to statistics, the WaaS provider has generated more than 20 million unique wallets, and its SDK is used by over 130,000 developers. Magic’s scalability produces over 2,000 wallets per second (wps) compared to the fastest alternatives at 80-100 wps.
  • In addition to Magic, several other companies in the Web3 space are embracing the wallet-as-a-service model that allows users to integrate crypto tools into their operations. Coinbase recently announced the launch of a WaaS service that allows companies to customize blockchain wallets for their customers.