On May 31, 2023, Magic, a San Francisco-based, Web3.0 wallet service provider, declared that it had raised funds of about $52 million in funding round headed by PayPal Ventures. It is expected that venture firms such as Cherubic, Synchrony, KX, Northzone and Volt Capital, among others, will also participate to bring Magic’s total funds reach over $80 million.
Sources revealed that Magic’s software development kit (SDK), users might allow users to create wallets using existing email, social, SMS or federated logins. Supposedly, the software has an package for user onboarding, which includes authentication, fiat on-ramps, non-fungible token (NFT) minting and NFT checkout, Cointelegraph added.
Furthermore, the platform is expected to follow regulations, such as the Systems and Organisation Controls 2 Type II, the California Consumer Privacy Act, the European Union’s General Data Protection Regulation, the Health Insurance Portability and Accountability Act, and International Organisation for Standards protocols, among others, Cointelegraph concluded.
(With insights from Cointelegraph)
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