Magic, a provider of crypto wallets as a service, has raised $52 million through a new round of strategic funding led by PayPal Ventures.

According to a press release , the funding will be used to expand the functionality of the software to include additional use cases. It will also help to further develop the product in the European Union as well as the Asia-Pacific region.

In a press release, Alan Du, a partner at PayPal Ventures said, “Mass adoption is a hot issue, and Magic facilitates this with a simple and safe solution.” Magic’s wallet-creation service allows businesses to reach millions of customers on their apps, and onboard new Web3 users. Magic is a company we are proud to invest in and believe will drive the increasing number of Web3 uses-cases for global brands.

Cherubic and Synchrony were also participants in this funding round, as well as KX, Northzone and Volt Capital. Magic has raised more than 80 million dollars in total.

Magic, a San Francisco-based company founded in 2018, offers enterprise-grade software that helps companies to bring their customers into Web3 on a safe and easy basis.

Software development kit (SDK), which can be integrated into a company’s code, is used to create the non-custodial wallet infrastructure. Users can instantly create a wallet by using their email, social media account or SMS.

Magic claims to have created more than 20,000,000 unique wallets. The SDK is also used by 130,000 developers. Magic’s clientele spans retail, music and fashion, as well as gaming, including Mattel, Macy’s and Immutable.

Parikshit Miishra is the editor.