Payward acquires Magic Labs' wallet business, forming Newton Labs
Ecosystem ·
Kraken's parent company Payward has acquired the embedded wallet business of Magic Labs, with the unit rebranding as Newton Labs to build out the Newton Protocol.
The deal moves Magic Labs' crypto wallet operations under Payward Services, according to The Block. Rather than continuing under its original name, the business will operate as Newton Labs, with its work centered on the Newton Protocol going forward.
The acquisition has been described as bringing in an authorization layer for onchain finance, a framing repeated in coverage from wublockchain.xyz. That description points to the wallet business's role in managing how transactions and access are authorized within onchain systems, rather than serving purely as a consumer-facing wallet product.
For Payward, the move expands its wallet infrastructure offerings by folding in technology and a team that had been operating independently as Magic Labs. The transition also formalizes a shift in focus for the acquired unit away from its prior branding and toward the Newton Protocol specifically, according to multiple accounts of the deal circulating alongside the Block's report.
Details on deal terms, including any financial figures, timeline for full integration, or the size of the Newton Labs team, have not been disclosed in the available material. It also remains unclear what becomes of any existing Magic Labs products or customer relationships built under the prior name, or how the Newton Protocol will be positioned relative to Kraken's existing wallet and infrastructure services. Further specifics on the acquisition's structure and rollout are expected to emerge as Payward and Newton Labs detail the integration.