Kraken Parent Payward to Acquire Magic Labs Wallet Unit

Payward, the parent company of cryptocurrency exchange Kraken, is acquiring Magic Labs’ Wallet-as-a-Service, or WaaS, unit, Cointelegraph reported on July 27. The companies did not disclose the deal value.

The companies said the transaction is expected to close within weeks, subject to customary closing procedures.

Payward plans to integrate Magic Labs’ non-custodial wallet technology into its enterprise platform, Payward Services. The platform offers infrastructure services for businesses including cryptocurrency trading and custody, tokenized assets, and fiat on- and off-ramps.