Why PayPal Ventures Invested in Magic

By Alan Du and Amman Bhasin

Magic and PayPal Ventures share a belief that for Web3 to achieve true mass adoption, we need to give billions of internet users access to digital wallets.

What excites us about Magic is that they are solving the most important problem in Web3: onboarding. Before Magic, to participate in Web3, users had to go through a tedious onboarding process to create a digital wallet. This involved securing a secret on a piece of paper, which, if lost, could result in the loss of all their digital assets. This method was simply too risky and complex for everyday internet users. With Magic, users can instantly create a secure digital wallet by simply clicking an email link. Magic not only creates wallets but also takes onboarding to the next level by offering seamless digital asset purchases with payment partners.

Despite the recent cooling of Web3, large brands and enterprises continue to explore the use of Web3 technologies such as NFTs to launch novel ways of engaging with customers and driving loyalty. Magic has successfully helped enterprises like Macy’s and Mattel launch campaigns to their existing customer base, with experiences indistinguishable from Web2.

Magic, as a market leader in partnering with large brand and enterprises, supports real use cases in Web3. They're laying the foundation for a new web that empowers users with ownership, safety, privacy, and sovereignty – we couldn't be more excited to be part of their journey.

If you’re interested in working with Magic, learn more here: https://magic.link/