Kraken Parent Payward Acquires Magic Labs' Embedded Wallet-as-a-Service Business

Payward, the parent company behind Kraken, entered a definitive agreement on Jul 27, 2026 to acquire the wallet-as-a-service business of Magic Labs. The deal covers Magic's non-custodial wallet infrastructure, which has powered more than 60 million wallets and over $10 billion in stablecoin volume for more than 200,000 developers. Magic's technology stack includes a TEE-based signing solution, an embedded integration layer, and a developer SDK.

Payward plans to fold the acquired infrastructure into Payward Services, its B2B platform covering crypto trading, custody, tokenized assets, on/off-ramps, and derivatives. Financial terms were not disclosed. The transaction is expected to close in the coming weeks, subject to customary closing conditions.

Magic Labs' former parent, now rebranded as Newton Labs, will focus on its authorization layer for onchain finance.