Payward, the unified financial infrastructure platform behind Kraken and a growing suite of products including NinjaTrader, Breakout, xStocks, Bitnomial, and CF Benchmarks, has agreed to acquire the wallet-as-a-service business of Magic Labs, the non-custodial wallet infrastructure provider that has powered more than 60 million wallets and $10 billion in STABLECOIN volume for over 200,000 developers. The acquisition extends Payward Services with embedded, non-custodial wallet infrastructure built on a TEE-based signing solution, an embedded integration layer, and a developer SDK, completing the Payward stack of exchange, custody, and wallet under a single provider. Magic Labs’ CEO Sean Li noted that following the sale, the company rebrands as Newton Labs and refocuses entirely on Newton Protocol, the authorization layer for onchain finance, backed by PayPal Ventures, Lightspeed Venture Partners, Tiger Global, and Placeholder.

Payward to Acquire Magic Labs’ Wallet Infrastructure Business to Expand B2B Offering with Embedded Wallets