PayPal has invested in a digital wallet provider initiative that supports the transition to Web3.
Magic announced that it has raised $52 million from companies including Cherubic, Synchrony, KX, Northzone and Volt Capital in a round led by PayPal Ventures.
Web3 Startup Magic Receives Investment from PayPal
PayPal Ventures is investing in Magic, a digital wallet provider that supports the transition to Web3. Magic announced that it has raised $52 million from companies including Cherubic, Synchrony, KX, Northzone and Volt Capital in a round led by PayPal Ventures.
He stated that Magic has raised over $80 million in total so far with this investment round, which he calls the “strategic funding round”. Sean Li, Magic’s co-founder and CEO, said they’ve seen a steady increase in Web3 use cases from large organizations. He said global brands realize the potential of blockchain and use it to interact with their customers and create new revenue opportunities.
He stated that he has collaborated with famous brands such as Magic, Macy’s store and toy manufacturer Mattel. The focus of the company is to offer a non-custodial wallet that allows consumers to easily store their digital assets in conjunction with an email address or social media account.
