San Francisco-based company Magic has successfully raised $52 million in strategic funding, bringing its total funding to over $80 million. The funding round was led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital.
Under the leadership of CEO Sean Li, Magic is revolutionizing the web3 landscape by providing an enterprise-grade solution for companies seeking secure methods to transition their customers to web3. The company’s comprehensive product suite is designed to support businesses in various sectors, enabling customer loyalty programs, digital collectibles, employee recognition, ticketing, memberships, and more.
Magic offers a seamless, non-custodial wallet creation experience that prioritizes security and user control. Through its patented SDK, wallets can be instantly generated using existing email, social, SMS, or federated logins. With more than 20 million unique wallets generated and over 130,000 developers utilizing Magic’s SDK, the company’s proven scalability can create over 2,000 wallets per second (wps), surpassing the speed of alternative solutions that achieve only 80-100 wps.
Renowned brands across retail, music, fashion, and gaming, such as Mattel, Macy’s, Xsolla, and Immutable, have chosen Magic as their trusted partner in the web3 space. With the newly secured funds, Magic is poised to further enhance its enterprise-ready offerings and support its expanding customer base in embracing the future of decentralized technology.