Sean Li, CEO and Co-founder of Magic Labs, talks about their wallet solution enabling passwordless login, onboarding mainstream brands like Mattel and 7-Eleven, and growing adoption of Web3 technology. They discuss white label solutions, layer one and layer two solutions, innovation with NFTs and digital collectibles, collaboration with mainstream brands, enterprise growth, and the importance of perseverance and trust in the blockchain industry.
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Quick takeaways
Magic Labs focuses on onboarding mainstream brands into web3 by providing a comprehensive wallet solution with features that suit enterprise web3 use cases.
Magic Labs ensures a smooth onboarding process for mainstream brands by offering a simple and user-friendly interface, quick setup time, and flexibility for developers to build their own wallets on top of their infrastructure.
Deep dives
Magic Labs: Providing Comprehensive Wallet Solutions for Mainstream Brands
Magic Labs, a wallet solution provider, focuses on onboarding mainstream brands into web3. Offering a comprehensive solution, Magic Labs provides a full stack of features and functionalities that suit enterprise web3 use cases. Their white-label wallet is particularly popular, making web3 usage invisible to beginners. In addition to wallets, Magic Labs collaborates with partners like Sardine and PayPal to offer fee and on-ramp services. With a patented key management system and a focus on enterprise compliance, Magic Labs aims to make web3 more accessible and scalable.
Enabling Easy Onboarding and Graduation into Web3
Magic Labs ensures a smooth onboarding process for mainstream brands by offering a simple and user-friendly interface. With a quick setup time of around 9 minutes, enterprises can graduate their users into other wallet standards like account abstraction. Magic Labs also provides flexibility, allowing developers to build their own single sign-on or federated wallets on top of their infrastructure.
Realizing the Potential of Collaborations between Brands in Web3
Magic Labs sees opportunities for collaboration between brands, enabling cross-brand initiatives and loyalty programs using tokens or NFTs. These collaborations would leverage blockchain technology to create shared ecosystems and enhance trust through transparency and data integrity. By simplifying the process and integrating with existing platforms, Magic Labs aims to make these collaborations more accessible and compelling for mainstream users.
The Future Vision of Magic Labs: Trust Restoration with Blockchain
Magic Labs envisions a future where blockchain technology helps restore trust in society. By providing wallets for every internet user, collaborating with brands, and exploring identity-focused use cases, Magic Labs aims to make blockchain adoption more widespread. They believe in the power of trust and see blockchain as a tool to rebuild trust in institutions and facilitate more transparent and secure interactions.
Sean Li is the CEO and Co-founder of Magic Labs, which is a wallet that enables passwordless login and Web3 onboarding without seed phrases.
Despite not being as well known as other Web3 wallets, Magic Labs recently raised $52M from PayPal Ventures, onboarded mainstream brands like Mattel and 7-Eleven, and have over 25 million wallets installed.
In our conversation, we will dive into how they've built enterprise-friendly wallet solutions, their major collaborations, the onboarding process of Web2 brands and how they're using Web3 technology, how DeFi can be more palatable for the mainstream, and much more.
But first, Sean will get us started with Magic and describe how it's different from the other wallets.
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