Web3 developer Magic raises $52M in funding led by PayPal Ventures
Summary
On May 31, San Francisco-based wallet-as-a-service provider Magic announced that it had successfully raised $52 million in a strategic funding round led by PayPal Ventures. With the funding, Magic aims to increase adoption by providing authentic digital ownership opportunities and plans to expand functionality, enhance use cases and deepen integration within the European Union and Asia-Pacific region.By implementing Magics software development kit (SDK), vendors can enable users to create wallets using existing email, social, SMS or federated logins. The software provides an all-in-one package for user onboarding, which includes authentication, fiat on-ramps, nonfungible token (NFT) minting and NFT checkout.The platform also says it complies with various regulations, such as the Systems and Organization Controls 2 Type II, the California Consumer Privacy Act, the European Unions General Data Protection Regulation, the Health Insurance Portability and Accountability Act, and International Organization for Standards protocols. In November 2021, Cointelegraph reported that ConsenSys, the Web3 software developer behind self-custodial wallet MetaMask, raised $200 million at a $3.2 billion valuation. Similarly, on March 30, 2023, crypto wallet provider Ledger raised $109 million at a valuation of $1.4 billion after a surge in demand for self-custody.