Web-3-based wallet developer acknowledged the input of PayPal Ventures in its May 31 to raise $52 million. The San Francisco-based firm indicated that the funding round increased the total funds to $80 million since the initial seed capital in 2020.
Magic Funding Round Attracts Multiple Venture Firms
The wallet-as-a-service provider saw the strategic funding round attract venture firms, including Cherubic, Synchrony, KX, Northzone, and Volt Capital. The participants lauded the diverse application of Magic’s software across the music, retail, fashion, and gaming sectors. In particular, the software brands identifying with the software include Immutable, Xsolla, Macy’s, and Mattel.
Magic’s chief executive confirmed that it would allocate the funding toward facilitating the provision of authentic digital ownership opportunities. Magic is eyeing expanded functionality, reinforcing user cases, and deepening the European Union and Asia Pacific integration.
Magic’s Software Development Kit Guarantees a Comprehensive Package to Vendors
The implementation of the software development kit (SDK) that Magic offers the vendors is set to facilitate users in creating wallets that leverage existing email, short messaging, federated and social logins. The software targets becoming the all-in-one package that enables user onboarding. Its comprehensive package includes authentication, nonfungible tokens (NFT) mining, fiat on-ramps, and NFT checkout.
The executive expressed gratitude to the ventures who supported the round to enable Magic to expand the solution for Web3 onboarding and provide a secure wallet to all internet users.
Magic Devotes to Compliance with Multiple Regulations
The executives of the Web3 developer restated the commitment of the platform to comply with the regulatory framework. Importantly, Magic’s chief confirmed complying with the Systems and Organization Control 2 Type II alongside the International Organization for Standards protocols (IOSP).
Also, the executive confirmed the firm’s compliance with the California Consumer Privacy Act, besides implementing the guideline outlined by the EU’s General Data Protection Regulation (GDPR). Lastly, Magic operations align with the Health Insurance Portability and Accountability Act ( HIPAA) provisions.
Market Outlook on Attractive Web3 Investment Initiatives
Since Arthur Jen teamed up with Sean Li and Jaemin Jin to establish the firm in 2020, the firm portrays a flourishing journey to realize the $500 million. Since then, the trio has steered Magic into generating 20 million unique wallets.
Also, developers exceeding 130000 are utilizing the SDK. The experts are drawn by proprietary technology with the potential to generate 2000 wallets every second.
A quick overview of the crypto industry shows that Web3-based wallet providers have been attracting significant funding in recent months. The trend compares to November 2021, when ConsenSys raised $200 million. The web3 software behind the MetaMask self-custody wallet realized $200 million in a funding round when its valuation was barely $3.2 billion.
Recently, Ledger confirmed raising $109 million on March 30, 2023, when the crypto wallet provider carried a $1.4 billion valuation following the increased demand for self-custody. Bitkeep confirmed realizing $30 million in March, valued at $300 million.
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