The CEO and co-founder of Magic think his solution can quickly become a staple in the Web3 space.
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Web wallet specialist 3 Magic has just raised $52 million for a fundraiser. Investors include PayPal Ventures, the VC attached to the global payment giant. Also included are Volt Capital, Synchrony Ventures, Northzone, Kx Technology Fund and Cherubic Venture.
Launched in 2018, Magic has already raised $83 million in four previous rounds. Sean Li, Magic’s CEO and co-founder, said of this latest fundraiser:
We are poised to become the ubiquitous solution for mainstream Web3 adoption.
For the latter, this is a tremendous lever for growth :
With these new funds, the company seeks to continue building best-in-class products, expanding its offering to enterprises, and unlocking more use cases. The project has a rapidly growing user base that we need to support.
PayPal: a fervent supporter of Web3
Therefore, PayPal is one of the companies that strongly believes in developing Web 3. Alan Du, managing partner of PayPal Ventures, says in a press release :
Mass adoption of web3 is a hot topic, and Magic is facilitating that adoption with a secure and simple solution. PayPal is proud to invest in Magic and believes the company will help drive the growing number of web3 use cases among global brands.
Paypal already offers its millions of customers to transfer cryptocurrencies. For more than one, sending cryptos to another Paypal user is possible. Recently, the American firm extended this functionality to customers of Venmo, a very popular payment service across the Atlantic.
The company also has over $604 million worth of crypto in its treasury. It is mainly Bitcoin and Ethereum but also BCH or LTC. A proof of the company’s belief in this dynamic sector.
Magic is a company that wants to improve and simplify Web3 wallets.
For this, Magic offers a development kit (SDK) that allows, in particular, to eliminate the need for seed phrases. This solution is intended to be non-custodial and allows the creation of customizable wallets. Magic is compatible with over 20 most used blockchain networks, such as Ethereum, Avalanche or Solana.
The company is also looking to expand into the UK, EU and Asia-Pacific region. According to Li, global brands are “realizing the potential” of blockchain beyond crypto.
Thus, despite the still relevant bear market, promising companies still manage to raise funds. Good news for the crypto ecosystem and its development!