PayPal invests in wallet development

Payment giant PayPal is investing millions of dollars in San Francisco-based wallet company Magic, according to a press release.

" Web3 mass adoption is a hot topic, and Magic makes it easy with a secure and simple wallet creation service," according to a PayPal partner.

In addition to PayPal, five other investors were involved in the funding round. In total, Magic raised about $80 million. The crypto company uses a software development kit (SDK) that allows users to create wallets through their existing e-mail, social media accounts or text messages.

In addition to the investment, PayPal already manages billions of dollars in cryptocurrencies, mainly Bitcoin and Ethereum. Meanwhile, the payments giant is working with further ambitions to adopt Web3.