In a significant move toward the adoption of digital assets and the Web3 revolution, payments giant PayPal has announced a substantial investment in Magic, a San Francisco-based crypto wallet company.
The strategic funding round, led by PayPal Ventures, raised $52 million for Magic, with additional investments from Cherubic, Synchrony, KX, Northzone and Volt Capital.
This latest development highlights PayPal’s commitment to facilitating mass adoption of Web3 technology and demonstrates recognition of the growing importance of cryptocurrencies and blockchain-based solutions in the global financial landscape.
Magic: the new crypto wallet company that PayPal has set its sights on
Magic, founded in 2018 as a technology startup, offers a unique non-custodial crypto wallet infrastructure designed to provide businesses with an easy-to-use and secure Web3 experience.
Leveraging a proprietary software development kit (SDK), Magic allows customers to effortlessly create wallets using th
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