Payward, the parent company of cryptocurrency exchange Kraken, has acquired the wallet business of Magic Labs. The deal brings wallet technology into Payward's enterprise platform, a move that could simplify the infrastructure stack for institutional clients.
What the deal includes
Magic Labs is known for its self-custody wallet product, which lets users hold their own private keys. Payward plans to integrate that technology into its existing suite of services for businesses. The acquisition is expected to reduce the number of separate providers that companies need to work with when building crypto-related products.
Many businesses that offer crypto services rely on multiple vendors for custody, trading, and wallet functionality. By bringing wallet tech in-house, Payward can offer a more unified platform. The company said the move could lower integration costs and streamline operations for its enterprise customers.
Financial terms of the acquisition were not disclosed. The deal is expected to close in the coming months, pending standard regulatory reviews.
