Kraken parent company acquires Magic Labs wallet business, original company transforms to focus on Newton protocol

On July 27, according to The Block, Kraken's parent company Payward has agreed to acquire Magic Labs' embedded wallet business. The transaction will be conducted as an asset sale, with both parties maintaining independent company structures. Magic Labs has created over 60 million wallets since 2018, serving more than 200,000 developers. Upon completion of the transaction, wallet customers will migrate to Payward Services. Magic Labs will be renamed Newton Labs and will focus on developing Newton Protocol, an on-chain financial authorization layer used to pre-execute compliance, security, and risk control strategies before transactions are on-chain. Newton Labs' first product based on this protocol is VaultKit, aimed at institutional treasury scenarios.