Kraken Parent Company Acquires Magic Labs Wallet Unit

Kraken parent company Payward has struck a deal to acquire the embedded wallet business from Magic Labs. The transaction brings infrastructure supporting 60 million crypto wallets directly into Payward growing enterprise platform.

The deal focuses on Magic Labs embedded wallet technology, which allows businesses to onboard users into Web3 applications without requiring complex setup steps or seed phrases. Payward plans to integrate these tools into its institutional offering, making it simpler for mainstream companies to offer crypto services.

This move shows how major exchanges are expanding beyond trading services to control foundational infrastructure. Simplifying wallet access remains one of the largest hurdles for mainstream adoption, and owning these tools gives Payward a direct line to new retail users.

Traders and developers will be watching how Payward rolls out these new features across its platform in the coming months as institutional interest continues to build.