Magic, a digital-wallet provider specializing in customer migration to web3, has secured a $52 million funding round led by PayPal Ventures. The strategic budget round saw participation from Synchrony, KX, Cherubic, Northzone, and Volt Capital, bringing Magic’s total funding to over $80 million, media reports said.
Magic’s platform enables companies to seamlessly transition their customers into the world of web3 by providing a user-friendly digital wallet experience. With a focus on non-custodial wallets, Magic allows consumers to securely store their digital assets, all accessible through a simple setup process using email addresses or social media accounts.
Sean Li, CEO and co-founder of Magic, expressed the growing interest in web3 among major enterprises across various industries. He noted that international brands have recognized the power of blockchain technology beyond cryptocurrencies and are leveraging it to enhance customer engagement and explore new monetization avenues.
Magic’s impressive track record includes collaborations with renowned brands such as Macy’s department shop and toy creator Mattel. By facilitating easy access to web3 capabilities, Magic empowers these companies to tap into the transformative potential of blockchain technology and provide unique experiences to their customers.
The investment from PayPal Ventures further validates the significance and potential of web3, as a renowned leader in digital payments recognizes the value of supporting Magic’s mission. The collaboration between Magic and PayPal Ventures opens up exciting possibilities for seamless integration of web3 functionalities within PayPal’s existing ecosystem, potentially bridging the gap between traditional finance and the decentralized world.
With the backing of PayPal Ventures and other prominent investors, Magic is well-positioned to expand its reach, enhance its offerings, and continue revolutionizing the way people interact with digital assets.
