Kraken parent Payward to acquire Magic Labs wallet business

Payward, the parent company of cryptocurrency exchange Kraken, is acquiring Magic Labs’ Wallet-as-a-Service business, Cointelegraph reported. The deal value was not disclosed. The companies said they expect to complete the transaction within weeks, subject to customary procedures. Through the acquisition, Payward plans to integrate Magic Labs’ non-custodial wallet technology into Payward Services, its business platform. The platform provides enterprise services including cryptocurrency trading, custody, tokenized assets and fiat on- and off-ramps.