Web 3.0, an opportunity for PayPal

For some time now, payment services giant PayPal has been setting its sights on Web 3.0. The company believes in the potential of this market for the expansion of its payment activities. The many partnerships forged in recent months and the investments that the company continues to make in this direction bear witness to this.

PayPal invests $52 million in crypto firm Magic

The payment company PayPal is determined to make Web 3.0 the ally of the growth of its activities. This is confirmed by a recent press release published on Wednesday, May 31, by the crypto company Magic.

The San Francisco-based company is a tech startup founded in 2018. It specializes in providing non-custodial crypto wallet infrastructure. A service that targets companies that want to offer a Web 3.0 experience to their customers.

The press release says PayPal recently pumped nearly $52 million into Magic’s business. These funds were raised in a strategic funding round led by PayPal Ventures, the investment arm of PayPal.

According to Magic co-founder Sean Li, this funding has a specific purpose. It will primarily be used to support the company’s expansion in the European Union (EU) and Asia-Pacific (APAC) region.

“With this new funding, we are focused on extending functionality and implementing more and more use cases, in order to continue to provide more value to our customers. We also look forward to deepening integration within the EU and APAC,” the manager said.

Funds invested for what purpose?

Alan Du, partner of PayPal Ventures, explained the reason for the financial support given to Magic. “We are proud to invest in Magic as we believe the company will help increase the number of Web 3.0 use cases among global brands,” the manager said.

And to add: “Mass adoption of Web 3.0 is a hot topic, an unmissable opportunity, and Magic is facilitating that adoption by providing a secure and simple solution. Magic’s Wallet Creation Service Enables Businesses to Reach Millions of Users on Their Apps ».

In sum, PayPal’s decision to invest heavily in Magic illustrates the growing importance of Web 3.0 in the global digital economy. This initiative marks a key step in the adoption of blockchain technology and cryptocurrency by large companies. With this strategic partnership, PayPal and Magic are committed to jointly developing new features and expanding the use of Web 3.0, thus facilitating its adoption by a wider audience.