San Francisco-based Web3.0 developer Magic recently announced that it had secured a whopping $52 million in funding led by PayPal Ventures. Interestingly, this new investment is set to propel the company forward in its mission to revolutionize the world of cryptocurrency and Web 3.0 technology.
The funding round which brought Magic’s total funds raised to over $80 million received participation from other prominent venture firms like Synchrony, Northzone, KX, Volt Capital, and Cherubic.
Magic platform is designed to make it easy for developers to authenticate users across various decentralized applications. By leveraging web3 technology, Magic enables developers to create user-friendly and secure applications that take advantage of the benefits of cryptocurrency and blockchain technology.
Undoubtedly, the new funding from PayPal Ventures is a significant boost for the Wallet-as-a-Service (WaaS) provider, as it will enable the company to expand its offerings and reach even more developers and businesses interested in leveraging web3 technology. According to Magic’s CEO Sean Li, the investment will be used to build out the team, accelerate product development, and expand Magic’s global presence.
Likewise, Sean Li said the new funds will help the company to continue delivering more value to its customers while considering deeper integration within the European Union (EU) and Asia Pacific (APAC) region.
Seed Funding in the Blockchain Industry
Meanwhile, crypto and web3 wallet providers have secured reasonable funding rounds in recent times. Early this year, Hashkey Capital, one of Asia’s digital assets leaders that specializes in blockchain and crypto investments announced that it has secured $500 million for its third investment fund. According to the company, the fund will be used to build Web3 and promote crypto startups globally.
In like manner, cryptocurrency derivatives exchange Bitget announced a $30 million investment into the multichain wallet BitKeep at a $300 million valuation. Although venture capital in blockchain has dried up amid the bear market, investors continue to back projects building infrastructure and cross-chain solutions, thereby bringing more innovation and growth in the space.
