Payward Acquires Magic Labs Wallet Business, Entity Renamed Newton Labs

Payward buys Magic Labs' embedded wallet assets serving 200k developers. Magic Labs rebrands as Newton Labs to focus on the Newton Protocol for on-chain financial authorization and compliance.

Woofun AI reports that Payward, the parent company of Kraken, has agreed to acquire the embedded wallet business of Magic Labs through an asset sale, with both entities retaining independent structures. Magic Labs has generated over 60 million wallets since 2018, supporting more than 200,000 developers. Upon completion, wallet users will migrate to Payward Services.

Magic Labs will be renamed Newton Labs to concentrate on developing the Newton Protocol, an on-chain financial authorization layer designed to execute compliance, security, and risk control strategies prior to transaction recording. The first product derived from this protocol is VaultKit, which targets institutional treasury scenarios.