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PayPal Ventures Leads $52M Funding Round for Web3 Firm Magic

San Francisco-based wallet-as-a-service (WaaS) provider Magic has raised $52 million in a strategic funding round led by PayPal Ventures bringing the firm’s valuation to just under $500 million. The latest capital infusion will be deployed to expand Magic’s functionality and enable growing use cases. The focus will also be on making a deeper integration within the European Union (EU) and Asia-Pacific region (APAC). According to the stats, the WaaS provider has churned more than 20 million unique wallets, and its SDK is used by over 130,000 developers. Magic’s scalability produces over 2,000 wallets per second (wps) versus the fastest alternatives at 80-100 wps.

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