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COMPANY detail

MAGIC LABS
Enterprise-grade wallet infrastructure

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MAGIC LABS
Company Overview.
Year Founded 2020
Status Private
Specialties Wallet Infra
Company Size 11-50 Employees
Industry Software Development
Location San Francisco, USA
Description.

Magic Labs provides wallet-as-a-service infrastructure for developers to embed non-custodial crypto wallets into applications via passwordless authentication (email, social login, SMS, passkeys). Founded in 2018 as Fortmatic and rebranded to Magic in 2020, the company has provisioned over 57 million wallets for 18,000+ apps, serving 200,000+ developers. Notable clients include Polymarket, Picnic, Immutable, HashPack, and Mattel. Polymarket processed $3B in transaction volume on election night 2024 using Magic infrastructure. The company enables white-label wallet experiences with customizable UI matching brand identity.

Magic supports 30+ blockchains including EVM, Solana, and Bitcoin, with stablecoin payment infrastructure processing $10B+ in volume. The company holds SOC 2 Type 2, ISO 27001:2022, HIPAA, CCPA, and GDPR certifications. Total raised is $82.9M across 4 rounds, including $52M Series B in May 2023 led by PayPal Ventures with participation from Northzone, Cherubic Ventures, and Tiger Global.

Key Infrastructure.
Embedded Wallets Non-custodial wallets embedded in apps via email/social login, eliminating seed phrases and browser extensions. Supports web, iOS, Android, React Native, Flutter.
Server Wallets Enterprise server-side wallet management via Core API with AWS Nitro TEE security and key sharding. Express API for streamlined JWT-based wallet management.
Stablecoin Payments API for stablecoin payouts, batch disbursements, automated transfers. Powers $10B+ stablecoin volume with Polymarket as key partner.
Newton Protocol Policy protocol for pre-transaction compliance (AML/KYT, OFAC, wallet risk scoring). Integrates with Magic infrastructure for compliance enforcement.
Wallet Kit Pre-built authentication components including email OTP, social logins, external wallet integration. No custom UI components required.
Additional Features.
Passwordless Authentication
Users can log in using email OTP, SMS verification, or social logins via Google, Apple, GitHub, with support for passkeys and SSO integrations including Auth0 and Firebase for enterprise authentication.
White-Label UI
Fully customizable wallet widgets that match brand identity with complete control over colors, fonts, layouts, and visual elements to deliver seamless branded user experience.
Sub-second Latency
Industry-leading 50-100ms latency for wallet creation and transaction signing operations, ensuring instant user responses and smooth interactions without delays or loading screens.
Massively Scalable
Built to handle millions of signatures per minute with automatic scaling capabilities designed to handle peak demand periods without performance degradation or service interruptions.
Multi-chain Support
Supports over 30 blockchain networks including Ethereum, Polygon, Solana, Bitcoin, and EVM-compatible chains with unified wallet management across all supported networks.
Fiat On-Ramp Integration
Built-in fiat-to-crypto conversion allowing users to purchase stablecoins and cryptocurrencies directly within the application using credit cards, debit cards, or bank transfers.

GENERAL Questions.

What does this company do?
Magic Labs provides wallet-as-a-service infrastructure enabling businesses to embed non-custodial crypto wallets into their applications via passwordless authentication (email, social, SMS). Developers integrate via SDK or API to provision wallets without seed phrases or browser extensions.
Who are their main clients?
Developers and enterprises building Web3 applications: Polymarket (prediction markets), Picnic (fintech), Immutable (gaming), HashPack (Hedera), Mattel, Naver, and 18,000+ apps.
Are they licensed?
Magic holds SOC 2 Type 2, ISO 27001:2022, and HIPAA certifications. Not a traditional financial licensee but provides compliance infrastructure via Newton Protocol for regulated platforms.
What blockchains/stablecoins supported?
30+ blockchains including Ethereum, Polygon, Solana, Bitcoin. Supports USDC and USDC.e stablecoins for payments.

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