PayPal Ventures Invests in Web3 Startup Magic

Magic, a digital-wallet provider that helps companies migrate customers to web3, has raised a total of more than $80 million following a strategic funding round in which PayPal Ventures led a round of investment.

Other participants in the round included Cherubic, Synchrony, KX, Northzone and Volt Capital.

CEO and co-founder Sean Li stated that large enterprises all over the world have been seeing the potential of blockchain tech for more than just cryptocurrencies and have been integrating it into their customer experiences as well as monetizing them.

Magic has worked on projects with companies like Macy’s and Mattel. Its key goal is to make it easier for customers to create non-custodial wallets using just their email address or social media accounts.