Payward buys Magic Labs wallet unit, rebrands Newton Labs

Payward, the parent company of cryptocurrency exchange Kraken, announced on Monday, July 27, 2026, that it has agreed to acquire the embedded wallet business of Magic Labs. The strategic asset purchase will expand Payward's enterprise infrastructure offerings and allow Magic Labs to rebrand and focus on a new institutional finance protocol.

The deal will see Magic Labs' non-custodial wallet technology integrated into Payward Services, the company's business-to-business platform for crypto trading, custody, and other financial services. This integration aims to provide business clients with a broader suite of blockchain infrastructure through a single point of contact, reducing the need to work with multiple providers. Financial terms of the transaction were not disclosed.

Following the sale, Magic Labs will operate under the new name Newton Labs and shift its focus entirely to developing the Newton Protocol, an authorization layer for institutional on-chain finance. The protocol is designed to verify compliance, security, identity, and risk controls before transactions are settled on a blockchain. Newton Labs launched the mainnet beta of this protocol in June 2026. Its first...