Web3 startup Magic raises $52M from PayPal and others


The venture arm of payments giant PayPal has led a $52 million funding round for startup Magic, which has developed software that helps corporations interact with customers in the Web3 space.

Magic is a multi-platform provider wallet-as-a-service (WaaS).

The solution developed by the startup is designed to facilitate the storage of digital assets in a non-custodial wallet. Access to the latter can be configured using an email address, SMS or social media accounts.

A feature of the startup proposal is WaaS compliance SOC2 type 2, CCPAGDPR, HIPAA and ISO.

Corporations can use the service to organize customer loyalty and membership programs, issue NFTs, reward employees, and sell tickets.

Magic’s customers include department store chain Macy’s and toy maker Mattel.

“We are seeing a steady increase in the number of use cases for Web3 by large companies in a wide variety of verticals. Global brands have recognized the potential of blockchain beyond cryptocurrencies and are using it to interact with their customers and monetize experiences in new ways.” Sean Lee, co-founder and CEO of Magic, said.

According to the company, the service has generated more than 20 million unique wallets, and its SDK used by over 130,000 developers.

Cherubic, Synchrony, KX, Northzone, and Volt Capital also participated in Magic’s strategic investment round.

The amount of funds raised by the startup exceeded $80 million.

Recall that PayPal became the winner of the Fortune Crypto 40 rating among Tradfi.

Earlier, a similar WaaS service was introduced by Coinbase.

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