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PayPal Ventures Leads $52M Round for Crypto Firm Magic

Crypto wallet-as-a-service provider Magic has raised $52 million in a new strategic funding round led by PayPal Ventures. The funding will help expand functionality to include more use cases and toward a deeper expansion within the European Union and Asia-Pacific region, according to the press release. "Mass adoption of Web3 is a hot topic, and Magic is facilitating this with a safe and simple solution," said Alan Du, partner at PayPal Ventures, in the press release. Other participants in the funding round included Cherubic, Synchrony, KX, Northzone, and Volt Capital. Magic has now raised a total of more than $80 million.

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