Crypto Funding: Wallet Provider Magic Labs Takes the Cake in $126M Weekly

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About nine crypto startups raised around $126 million this week, although one company clearly stood out.

Wallet-as-a-service provider Magic Labs landed $52 million in a strategy round led by PayPal Ventures. Other investors included Cherubic, Synchrony, KX, Northzone and Volt Capital, according to a press release.

With the latest round, the San Francisco-based company has raised over $80 million and has grown to a valuation of just under $500 million, Fortune reported.

The Magic Labs business model can be summed up in a few words. Software Development Kits, SDKs. Magic Labs provides its wallet SDKs to its customers, many of whom are Fortune 500 companies. Customers then customize their crypto wallet to their liking and offer it to their customers through their app.

Retail giant Macys is one of Magic Labs’ biggest customers. Hot Wheels toymaker Mattel, which launched a peer-to-peer NFT marketplace for its virtual collectibles in April, also uses Magic as a wallet as a service provider.

Alan Du, partner at PayPal Ventures, said Magic is a secure and simple solution to facilitate mass adoption of Web3.

Magics portfolio creation service enables companies to reach millions of users on their apps and onboard customers who are discovering [Web3]Du said in a statement.

So far, Magic has generated over 20 million unique wallets, per enterprise version.

Raising multi-million dollar funds in blockchain technology and digital payments

The Anoma Foundation brought in $25 million this week with venture capital firm CMCC Global at the helm.

The Anoma Foundation oversees Anoma, a blockchain protocol dedicated to helping developers build decentralized projects, including decentralized exchanges (DEXs) and decentralized applications (dapps).

This is the third time the foundation has raised venture capital funds, and the capital will go towards ongoing research and development initiatives, helping developers build apps and cultivate partnerships, according to a press release from the company. foundation.

In digital payments, fiat-crypto ramp provider Transak has raised $20 million from more than a dozen top investors, including Animoca Brands and Axelar.

The Transaks solution is supported by more than 150 countries and more than 160 cryptocurrencies, according to a statement from the company.

Other Notable Fundraisers The NFT Tabi platform, formerly known as Treasureland, raised $10 million in a seed round with Animoca Brands leading and Binance Labs participating. Fusionist, a Web3 game company, has raised $6.6 million to accelerate game development and hire more game experts to join their team. Binance Labs was a strategic investor. Axios has reported that privacy-focused Demox Labs has raised $4.5 million to create a new wallet for the lore-proof Aleo blockchain. Aleo is still in beta and plans to launch a mainnet in July.

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