Funding Success: A New Milestone for Magic
In a major win for blockchain enthusiasts everywhere, the San Francisco-based wallet-as-a-service company Magic recently snagged an impressive $52 million in a funding round led by none other than PayPal Ventures. With participation from notable venture firms like Cherubic, Synchrony, KX, Northzone, and Volt Capital, Magic’s total funding has now crossed the $80 million mark. This infusion of cash is set to enhance their offerings in the ever-evolving Web3 landscape.
Magic’s Growing Footprint in Various Industries
Magic’s innovative software is attracting brands across multiple sectors, including retail, music, fashion, and gaming. Big names like Mattel, Macy’s, and Immutable are already on board, utilizing Magic’s technology to streamline wallet creation and management. This diverse client base signifies a robust market adoption and a bright future nestled in digital ownership.
Expanding Horizons: The Global Strategy
With an eye on international markets, Magic is set to ramp up its operations in the European Union and Asia-Pacific region. Their roadmap includes expanding functionality and enhancing user experiences, providing businesses with tools to authenticate users while allowing seamless NFT minting and transactions.
All-in-One User Onboarding Experience
One of Magic’s standout features is its Software Development Kit (SDK), which simplifies wallet creation for vendors. This kit allows users to create wallets tied to their existing email, social accounts, or even SMS logins. The platform offers a comprehensive user onboarding package that includes authentication, fiat on-ramps, and NFT checkout capabilities, rolling everything into a smooth user experience.
Compliance and Security: A Foundation for Trust
Magic isn’t just about creating wallets; they also prioritize user safety and regulatory compliance. The platform adheres to crucial regulations like HIPAA, GDPR, and CCPA, assuring users of their data’s security. With over 20 million unique wallets generated and 130,000 developers on board, Magic is proving its mettle in the Web3 space.
Looking Ahead
Magic’s ambitious claim of generating up to 2,000 wallets per second is a testament to its advanced technology and the growing demand for user-friendly Web3 solutions. As funding continues to pour in for crypto and wallet providers—like Ledger and BitKeep—it’s evident that the race for dominance in this space is heating up. Keep an eye on Magic as they continue their mission to provide a wallet for every internet user.
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