Payward acquires Magic Labs’ wallet business, rebranding follows
6.9 Investments Payward, Kraken’s parent, acquires Magic Labs’ wallet business. Magic Labs rebrands as Newton Labs, shifting focus to onchain finance, while wallet customers move to Payward Services.
Payward, the parent company of cryptocurrency exchange Kraken, has acquired the embedded wallet business of Magic Labs through an asset sale. Following the transaction, both companies will continue to operate independently, with wallet customers transitioning to Payward Services. Magic Labs, which has created over 60 million wallets and supported more than 200,000 developers since 2018, will rebrand as Newton Labs. The company will now focus on developing the Newton Protocol, an authorization layer for onchain finance that prioritizes compliance, security, and risk controls before transaction settlement. Newton Labs’ first product, VaultKit, will cater to institutional vault scenarios. This acquisition enables Payward to expand its digital asset infrastructure, while Newton Labs pivots to onchain finance technology. Financial terms of the deal were not disclosed.
