Kraken Parent Payward to Acquire Magic Labs Wallet Business
Uk Jin
Summary
- Kraken parent Payward said it will acquire Magic Labs' embedded digital-asset wallet business.
- Once the deal closes, customers using Magic Labs wallets will be automatically migrated to services provided by Payward.
- Magic Labs said it will rename itself Newton Labs and focus on developing Newton Protocol (NEWT) and VaultKit, an institutional asset vault management solution.
Forecast Trend Report by Period
Magic Labs to Rebrand as Newton Labs
Company to Focus on Newton Protocol Development
Payward, Kraken's parent company, is acquiring Magic Labs' embedded digital-asset wallet business.
Magic Labs agreed to sell the business to Payward, The Block reported on July 27. Once the deal closes, customers using Magic Labs wallets will be automatically migrated to Payward's services.
Following the transaction, Magic Labs will change its name to Newton Labs and focus on developing Newton Protocol (NEWT).
Newton Labs' first product is VaultKit, an institutional asset vault management solution. The company said it plans to expand Newton Protocol into real-world asset tokenization, stablecoins, and AI agent-based commerce and finance.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.