{"id":79600,"date":"2023-06-01T14:01:46","date_gmt":"2023-06-01T11:01:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79600"},"modified":"2025-09-11T11:58:19","modified_gmt":"2025-09-11T08:58:19","slug":"web3-startup-magic-raises-52m-in-round-led-by-paypal-ventures","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/web3-startup-magic-raises-52m-in-round-led-by-paypal-ventures\/","title":{"rendered":"Web3 startup Magic raises $52m in round led by PayPal Ventures"},"content":{"rendered":"

The venture arm of payments giant PayPalled<\/a> the $52m funding round for Magic. The company has developed software that helps corporations engage with customers in Web3<\/a>-space.<\/p>\n

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Magic acts as a provider of a multi-platform wallet-as-a-service<\/span> (WaaS).<\/p>\n

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The startup’s solution aims to simplify storing digital assets in a non-custodial wallet. Access to the latter can be configured via email address, SMS or social-media accounts.<\/p>\n

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The standout feature of the offering is compliance with WaaS requirements SOC 2<\/span> Type 2, CCPA<\/span>, GDPR<\/a>, HIPAA<\/a> and ISO<\/a>.<\/p>\n

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Companies can use the service to organise loyalty and membership programmes, issue NFTs, reward employees and sell tickets.<\/p>\n

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Among Magic’s clients are Macy’s department store chain and toy maker Mattel.<\/p>\n

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\u201cWe are seeing a steady rise in the number of Web3 use cases by large companies across a range of verticals. Global brands have recognised the potential of blockchain beyond cryptocurrencies and are using it to engage with customers and monetise the experience in new ways,\u201d<\/em> said Sean Lee, co-founder and CEO of Magic.<\/p>\n<\/blockquote>\n

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According to the company, the service has generated more than 20 million unique wallets, and its SDK<\/span> is used by more than 130,000 developers.<\/p>\n

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In the strategic investment round, Magic also counted Cherubic, Synchrony, KX, Northzone and Volt Capital among its backers.<\/p>\n

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The amount raised by the startup exceeded $80 million.<\/p>\n

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PayPalwas named a winner<\/a> of the Fortune Crypto 40 ranking among TradFi.<\/p>\n

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Earlier, Coinbaseintroduced<\/a> a similar WaaS service.<\/p>\n","protected":false},"excerpt":{"rendered":"

The venture arm of the payments giant PayPal led Magic’s $52m funding round. The company has developed software that helps corporations engage with customers in the Web3 space.<\/p>\n","protected":false},"author":1,"featured_media":79601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[182,1133,57,1110],"class_list":["post-79600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-paypal","tag-venture-investments","tag-wallets","tag-web-3-0"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79600"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79600\/revisions"}],"predecessor-version":[{"id":79602,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79600\/revisions\/79602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79601"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}