Acquisition will extend Payward Services’ infrastructure into embedded, non-custodial wallets
Payward, Inc., a unified financial infrastructure platform advancing an open, global financial system, announced it has entered into a definitive agreement to acquire the wallet-as-a-service business of Magic Labs (“Magic”), a leading non-custodial wallet infrastructure provider that has powered more than 60 million wallets and $10 billion-plus in stablecoin volume for over 200,000 developers.
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The acquisition expands Payward Services, the company’s B2B infrastructure platform, with embedded, non-custodial wallet infrastructure. Payward Services gives partners a single integration point for the infrastructure they need to build always-on financial products – covering crypto trading, custody, tokenized assets, on/off-ramps, and derivatives.
Magic Labs’ technology extends that platform into embedded wallets, allowing partners to offer self-custody and onchain product experiences alongside Payward’s existing capabilities, without assembling multiple vendors or managing fragmented infrastructure.
Magic Labs has built wallet infrastructure that combines a TEE-based signing solution, an embedded integration layer, and a developer SDK into a single stack, enabling businesses to issue and manage non-custodial wallets at scale. The acquisition comes as onchain products increasingly require embedded wallet infrastructure as a foundational building block, alongside trading, custody, and stablecoin settlement.
“Embedded wallets are becoming foundational infrastructure for every onchain product. Magic Labs’ technology lets us bring that layer in-house and offer partners a complete, integrated stack – exchange, custody, and now wallets – without stitching together multiple providers,” said Mark Greenberg, Chief Commercial Officer of Payward.
“This transition allows us to put our full energy behind Newton, the authorization layer for onchain finance, while the wallet business moves to a team committed to serving our customers,” said Sean Li, CEO of Newton Labs.
Once integrated, Magic Labs’ wallet technology will be built into Payward Services’ product suite, giving enterprise partners a more complete onchain offering under a single provider.
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