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Magic Labs Secures $52 Million Funding Led by PayPal Ventures, Transak Raises $20 Million in Recent Crypto Investment Surge

Crypto Startups Magic Labs and Transak Garner Significant Funding as Investor Confidence in the Crypto Industry Grows

Tue, 06 Jun 2023, 05:17 am UTC

The past week has witnessed a notable influx of approximately $126 million into several promising startups within the crypto-sphere. However, one particular trailblazer, Magic Labs, stole the spotlight by securing $52 million during a key investment phase. The funding round, led by PayPal Ventures and joined by esteemed investors like Northzone, Cherubic, Volt Capital, Synchrony, and KX, propels Magic Labs, a specialized crypto wallet services firm based in San Francisco, to the forefront of the industry, as per the company's official announcement.

With this recent funding injection, Magic Labs has surpassed a total fundraising figure of $80 million, pushing the company's valuation tantalizingly close to the half-billion mark, according to Fortune.

Magic Labs operates by providing Software Development Kits (SDKs) to its clients, which include renowned Fortune 500 companies. These wallet SDKs allow clients to customize their crypto wallets to meet their specific requirements, presenting them to users through their own apps.

Among Magic Labs' impressive clientele is retail giant Macy's, as well as the iconic toy brand Mattel, which utilizes Magic as its preferred wallet service provider for operating a peer-to-peer NFT marketplace dedicated to virtual collectibles.

Alan Du, a prominent figure at PayPal Ventures, commended Magic Labs for offering a "secure and user-friendly option" that has the potential to drive widespread adoption of Web3. The company has achieved remarkable success thus far, with over 20 million distinct wallets created, according to its disclosure.

In addition to Magic Labs' funding, Transak, a fiat-crypto bridge provider, secured $20 million in investment. The funding round attracted prominent investors like Animoca Brands and Axelar. Transak's platform is reputedly accepted in over 150 countries and supports more than 160 cryptocurrencies, according to the company's statement.

As investor confidence in the crypto industry continues to grow, the significant funding received by both Magic Labs and Transak highlights the promising prospects and growing interest in the sector.

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