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<p class="is-style-lead">Non-custodial wallet-as-a-service provider, Magic, has secured $52 million in funding in a recent funding round, despite challenging bear market conditions. </p>



<p class="is-style-default">The funding, led by PayPal Ventures and joined by Cherubic, Synchrony, KX, Northzone, and Volt Capital, will support Magic&#8217;s efforts to expand its enterprise-ready product suite and facilitate the adoption of web3 technology.</p>



<h2 class="wp-block-heading" id="supporting-web3-adoption">Supporting web3 adoption</h2>



<p>Magic has positioned itself as a provider of tools to assist companies in transitioning customers to the web3 ecosystem. </p>



<p>By offering an enterprise-grade solution, Magic aims to simplify the migration process, enabling various possibilities such as customer loyalty programs, <a href="https://crypto.news/mattel-joins-forces-with-rarible-and-flow-to-launch-p2p-digital-collectibles-marketplace/">digital collectibles</a>, employee recognition, ticketing, memberships, and more.</p>



<p>According to Sean Li, Magic&#8217;s co-founder and CEO, there is a growing interest in web3 use-cases among large enterprises across multiple industries. Brands worldwide are exploring the potential of blockchain technology beyond cryptocurrencies to engage customers in innovative ways. </p>



<p>Magic collaborates with Fortune 500 companies to bring <a href="https://crypto.news/beijing-government-publishes-web3-white-paper/">web3</a> experiences to a wider audience, with a vision to create new economic opportunities.</p>



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<p>The recently secured funding will enable Magic to enhance its functionality and offer expanded use cases, aiming to provide increased value to its customer base. </p>



<p>Additionally, Magic plans to strengthen its integration within the <a href="https://crypto.news/european-unions-action-plan-on-digital-energy-might-affect-crypto-mining/">European Union (E.U.)</a> and <a href="https://crypto.news/earnst-young-survey-asia-pacific-companies-blockchain/">Asia-Pacific (APAC)</a> regions, with the goal of facilitating broader web3 adoption across different geographic markets.</p>



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<p>Alan Du, a Partner at PayPal Ventures, highlights the significance of Magic&#8217;s user-friendly solution in driving web3 adoption. By providing a wallet creation service that allows companies to reach millions of users and onboard newcomers to web3, Magic aims to support various use-cases for global brands.</p>



<p>By expanding its product suite and reinforcing its presence in key regions, the company <a href="https://www.prnewswire.com/news-releases/magic-announces-52m-strategic-funding-round-led-by-paypal-ventures-301838352.html" target="_blank" rel="noopener">aims</a> to contribute to the widespread adoption of blockchain technology and the realization of authentic digital ownership for all.</p>



<h2 class="wp-block-heading" id="magic-wallet">Magic wallet</h2>



<p>Magic wallet is a non-custodial wallet designed to simplify the management of cryptocurrencies. The platform aims to make crypto management more straightforward and hassle-free for all users by prioritizing accessibility and usability. </p>



<p>In related development, MetaMask, a prominent provider of cryptocurrency wallets, recently <a href="https://crypto.news/metamask-now-allows-us-users-to-buy-eth-with-paypal/">announced</a> a partnership with PayPal to enable ether (<a href="https://crypto.news/price/ethereum/">ETH</a>) purchases for users in the United States. This collaboration positions MetaMask as the first web3 wallet to facilitate ETH transactions through the popular payment platform. </p>



<p>Through this integration, U.S. users now have the ability of selecting PayPal as their payment method when purchasing ETH via MetaMask.</p>



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Magic raises $52m despite crypto bear market

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