Magic Raises $52M Led by PayPal Ventures to Expand Crypto Wallet Services
Magic, a startup focused on building passwordless authentication solutions for web and mobile applications using blockchain technology, has raised $52 million in a Series B funding round led by PayPal Ventures. The funds will be used to expand the company's crypto wallet services.
Magic's platform allows users to authenticate themselves without the need for traditional passwords, instead using cryptographic keys stored on their devices. The company's solution has gained traction among developers looking for secure authentication solutions and now claims more than 3,000 app integrations.
With the expansion of its crypto wallet services, Magic aims to make it easier for developers to build applications that incorporate cryptocurrency payments and transactions. The company's solution provides a user-friendly interface for managing crypto assets while also ensuring that they are kept secure through its use of blockchain technology.
The growing interest in cryptocurrencies has spurred a wave of innovation in the development of wallet services and other related technologies. Companies like Magic are playing a key role in driving this innovation and providing the tools that developers need to build secure, easy-to-use applications that leverage the benefits of cryptocurrencies.
Overall, Magic's success in raising $52 million in funding is a sign of the growing interest in blockchain technology and its potential to transform the way we authenticate ourselves and conduct transactions online. As cryptocurrencies continue to gain mainstream acceptance, it is clear that companies like Magic will play an increasingly important role in shaping the future of the industry.