PayPal Ventures Leads $52M Round for Crypto Firm Magic
Summary
The funding will help expand functionality to include more use cases and toward a deeper expansion within the European Union and Asia-Pacific region, according to the press release. "Mass adoption of Web3 is a hot topic, and Magic is facilitating this with a safe and simple solution," said Alan Du, partner at PayPal Ventures, in the press release. "Magics wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to Web3. Magic has now raised a total of more than $80 million.Founded in 2018, San Francisco-based Magic provides enterprise-grade solutions that can help companies bring customers into Web3 in a safe, easy way.The non-custodial wallet creation infrastructure involves a software development kit (SDK) that can be installed in a companys code. Magics clients span retail, music, fashion and gaming and include Mattel, Macys, Immutable, and more.