### PayPal Ventures has taken the lead in a recent strategic investment round, securing an impressive $52 million for Magic, a prominent crypto wallet-as-a-service provider. This funding marks a significant step forward for Magic and demonstrates the growing interest in the cryptocurrency industry.

Several other prominent VC companies, including Cherubic, Synchrony, KX, Northzone, and Volt Capital, collaborated with PayPal Ventures to facilitate this funding round. The involvement of these companies shows that the crypto industry values Magic for its potential and its fresh take on the field.



Magic Labs has now amassed a total of $80 million from various investors through this funding round. The primary objective of this substantial investment is to establish the necessary infrastructure for widespread adoption of Web3.



The press release highlighted that the funds will be utilized to expand the platform's capabilities, catering to a wider range of use cases. Additionally, Magic aims to strengthen its presence in the Asia-Pacific and European Union markets, further solidifying its global footprint.



Sean Li, the CEO and co-founder of Magic, expressed his ambitions for the company, stating that their ultimate goal is to become the go-to solution for mainstream adoption of Web3. With over 20 million unique wallets generated, Magic has already made significant strides towards achieving this vision.



The substantial investment from PayPal Ventures and other leading firms showcases the growing confidence in  the startup’s potential and highlights the increasing prominence of cryptocurrencies and decentralized technologies in the global financial landscape. As Magic continues to enhance its services and expand its reach, the company is poised to play a significant role in shaping the future of digital finance.

PayPal Ventures has taken the lead in a recent strategic investment round, securing an impressive $52 million for Magic, a prominent crypto wallet-as-a-service provider. This funding marks a significant step forward for Magic and demonstrates the growing interest in the cryptocurrency industry.

Fri Jul 07 2023

PayPal Ventures Bets Big On Magic: Secures $52M In Crypto Funding

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Fri Jul 07 2023 PayPal Ventures Bets Big On Magic: Secures $52M In Crypto Funding

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Fri Jul 07 2023

PayPal Ventures Bets Big On Magic: Secures $52M In Crypto Funding