PayPal Ventures and others invest 7.2 billion yen in virtual currency wallet service “Magic”

Wallet SDK for general users

Cryptocurrency wallet provider Magic announced yesterday that it has closed a strategic funding round worth ¥7.2 billion ($52 million).

We’re thrilled to announce our latest funding of $52M backed by @PayPal @cherubicvc @synchrony @northzoneVC @VoltCapital @KXMagic is solving web3 onboarding and our mission is to give a wallet to every internet user.

Read more https://t.co/9tdZsH3lxH

—Magic (@magic_labs) May 31, 2023

The round was led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone and Volt Capital. Magic said it has raised a total of $80 million, including previous rounds.

Magic’s wallet SDK (software development kit) is aimed at onboarding general users who are not native to cryptocurrencies, removing the need for private keys and providing features such as the ability to create a wallet account from an email or SNS account. It currently supports over 20 blockchains.

Source: Magic

“Magic is witnessing a steady increase in Web3 use cases among leading companies across industries,” said company CEO Sean Li in a statement. We have noticed the potential of the chain and are using it for customer engagement and new monetization.” Magic is currently working with major US department stores such as Macy’s.

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