Payward acquires Magic Labs' wallet business to enhance cryptocurrency infrastructure

Payward, the parent company of Kraken, has announced its agreement to acquire the wallet-as-a-service business from Magic Labs. This acquisition is significant as it brings in technology that supports over 60 million wallets, enhancing Payward's enterprise platform. The integration of this non-custodial wallet technology is expected to streamline operations for businesses operating within the cryptocurrency space.

The deal was officially announced on July 27, 2026, and has since garnered attention across multiple news outlets. By acquiring Magic Labs' wallet business, Payward aims to bolster its offerings and improve the overall infrastructure available to its clients.

This acquisition adds substantial wallet technology to Payward's existing services, which are already well-regarded in the cryptocurrency market. Magic Labs' technology, which supports a vast number of wallets, will enhance Payward's B2B platform and potentially reduce the number of infrastructure providers that businesses need to engage with.

As the cryptocurrency sector continues to grow, the demand for efficient and reliable wallet solutions is increasing. By integrating this technology, Payward is not only enhancing its capabilities but also addressing a critical need within the industry.

Looking ahead, the integration of Magic Labs' technology is likely to attract more businesses seeking comprehensive wallet solutions. This acquisition positions Payward to better serve its clients and could reshape the competitive landscape in the cryptocurrency infrastructure market.

As the integration progresses, stakeholders should monitor how this acquisition impacts Payward's market position and whether new features or services emerge as a result of this strategic move.