Push for Web3 Adoption: PayPal Invested in New Crypto Wallet Software

It seems that more and more moves are being made for the push for Web3 adoption. Check out the latest reports about this below.

PayPal, a prominent payment company, is making a substantial investment in Magic, a San Francisco-based crypto wallet firm, as part of its ongoing expansion into the realm of digital assets.

As per the recent press release from Magic, the provider of wallet-as-a-service (WaaS) has successfully raised $52 million in a strategic funding round, which was led by PayPal Ventures.

Says Alan Du, a PayPal Ventures partner:

“Mass adoption of Web3 is a hot topic, and Magic is facilitating this with a safe and simple solution. Magic’s wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to Web3. We’re proud to be investing in Magic and believe the company will help drive the growing number of Web3 use-cases amongst global brands.”

According to the release, Magic has raised $80 million in total from investors including Cherubic, Synchrony, KX, Northzone, and Volt Capital during the recent funding round.

Reports suggest that the BRICS alliance, comprising of economically-aligned nations, is currently receiving a high number of requests from countries interested in becoming a member.

It is crucial to acknowledge that the group, which is considering the introduction of a worldwide currency to bypass the US dollar, is getting ready to address a surge of requests from countries with similar goals, according to Telesur’s report.

Naledi Pandor, South Africa’s Foreign Affairs Minister, says BRICS leaders will release a list of requirements for those who are looking to join.

We suggest that you check out our previous article in order to learn more details about this. Stay tuned for more news.