Kraken parent Payward acquires Magic Labs’ embedded wallet business

Payward, the parent company of Kraken, has swooped in to acquire Magic Labs' embedded wallet business, signaling a strategic move into more direct consumer wallet solutions. Magic Labs is pivoting to rebrand as Newton Labs, focusing on onchain finance infrastructure, suggesting a shift towards developing backend technology for the crypto space. This acquisition underscores Payward's ambition to enhance its service offerings by integrating advanced wallet technology, potentially boosting its competitive edge in the rapidly evolving crypto market.