Magic's wallet software is currently used by brands in retail, music, fashion, and gaming,
announced
that it had successfully raised $52 million in a strategic funding round led by PayPal Ventures. The funding round also saw participation from venture firms Cherubic, Synchrony, KX, Northzone, and Volt Capital, bringing Magic's total funds raised to over $80 million. Magic's software is currently used by brands in retail, music, fashion, and gaming, including Mattel, Macy's, Xsolla, and Immutable. With the funding, Magic aims to increase adoption by providing authentic digital ownership opportunities and plans to expand functionality, enhance use cases, and deepen integration within the European Union and Asia-Pacific region.
By implementing Magic's software development kit , vendors can enable users to create wallets using existing email, social, SMS, or federated logins. The software provides an all-in-one package for user onboarding, which includes authentication, fiat on-ramps, nonfungible token minting and NFT Checkout.
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