Disclosure: CoinCodeCap may earn a commission if you sign up through links on this page. Important context: Fortmatic was officially rebranded to Magic (Magic Labs) in 2020 — the company, product, and SDK now operate under the Magic brand. This guide covers the current Magic Link product (formerly Fortmatic) and the broader 2026 embedded wallet landscape. Magic Link is developer infrastructure for embedding wallets into apps, not a consumer wallet you download. If you’re an end user looking for a self-custody wallet, see our best crypto wallets pillar instead.
How I Reviewed This: Pulled current state directly from magic.link (homepage, /pricing, docs.magic.link), verified company status (Magic Labs, San Francisco HQ, $31M total funding, founded 2018 by Sean Li + Arthur Jen + Jaemin Jin), confirmed 2026 traction figures (200K+ developers, 18K+ apps, 53M+ non-custodial wallets created, 30+ blockchains supported), validated current security certifications (SOC 2 Type 2, ISO 27001:2022, HIPAA, CCPA, GDPR), and benchmarked against the embedded wallet competitive set after the major 2024-2026 acquisitions reshuffled the category. Earlier versions of this article contained 2021 pricing tiers ($79/mo Developer, $327/mo Growth) that no longer exist — Magic now uses custom Monthly Active Wallets pricing with transaction-based options from $0.001/tx.
If you’ve landed here searching for "Fortmatic," here’s the short version: Fortmatic was renamed to Magic in 2020. The product is the same evolution — non-custodial embedded wallets that let users sign into Web3 apps with email, SMS, social login, or passkeys instead of seed phrases — but it’s now operated by Magic Labs at magic.link. Six years later, Magic has grown into one of the dominant Wallet-as-a-Service (WaaS) providers, with 53M+ wallets created across 18,000+ apps. This guide covers what Magic does today, how it compares to alternatives that emerged after Fortmatic, and whether it’s the right pick for your use case in 2026.
| Quick Verdict | Magic (formerly Fortmatic) — May 2026 |
|---|---|
| What it is | Wallet-as-a-Service (WaaS) infrastructure — embedded non-custodial wallets for developers |
| Operated by | Magic Labs (San Francisco; founded 2018 as Fortmatic, rebranded to Magic in 2020) |
| Funding | $31M total raised; 7+ years operating |
| Traction | 200K+ developers · 18K+ apps · 53M+ wallets created · 30+ blockchains |
| Auth methods | Email magic links, SMS, social (Google, Apple, Discord, etc.), passkeys, SSO, plug-in your own (Auth0, Firebase, NextAuth) |
| Key management | TEE Key Management System (TKMS) — patent-pending, hardware-isolated keys; non-custodial |
| Performance | 50-100ms latency for wallet creation + transaction signing |
| Certifications | SOC 2 Type 2 · ISO 27001:2022 · HIPAA · CCPA · GDPR |
| Pricing | Custom — Monthly Active Wallets tiers + transaction-based from $0.001/tx (talk to sales) |
| Best for | Web3 apps wanting Web2-style email/social login + non-custodial wallets without seed phrases |
| Main alternatives 2026 | Privy (Stripe), Dynamic (Fireblocks), Web3Auth (MetaMask), Thirdweb, Openfort, Turnkey, Particle Network |
| Honest limitation | Auth + wallet only — for smart accounts, gas sponsorship, session keys you’ll stack other vendors (ZeroDev, Biconomy) or migrate to a fuller stack |
| 📌 Quick decision rule: For Web2-style login UX + non-custodial wallets at proven scale, Magic is a safe, mature choice (53M+ wallets, 7-year track record, enterprise certifications). For full-stack ERC-4337 with native gas sponsorship, evaluate Privy, Thirdweb, or Openfort. For consumer apps prioritizing payment integration, Privy (now Stripe) is hard to beat. | |
From Fortmatic to Magic: The 2020 Rebrand
Fortmatic launched in 2018 as one of the first attempts at solving Web3’s onboarding problem — the seed phrase. Founders Sean Li, Arthur Jen, and Jaemin Jin built it as developer infrastructure: instead of every dApp asking users to install MetaMask and back up 12 words, Fortmatic let apps embed a wallet that users authenticated into with a phone number or email address. The keys were generated and managed in the background; the user experience matched signing into any Web2 SaaS app.
In 2020, the company rebranded from Fortmatic to Magic, a nod to the "magic link" email authentication mechanism. Magic Labs became the parent company. The technology evolved meaningfully: the original Fortmatic SDK was replaced by Magic SDK; key management moved to the patent-pending TEE Key Management System (TKMS) using hardware-isolated trusted execution environments (similar to Apple’s Secure Enclave concept); chain support expanded from Ethereum-only to 30+ blockchains; and authentication options grew well beyond email to include social logins, passkeys, SSO, and pluggable third-party auth providers.
If you’re maintaining a 2018-2020 dApp that integrated "Fortmatic SDK," you’ve likely already migrated to Magic SDK — or you should. The Fortmatic-branded SDK and APIs are deprecated. Magic SDK is a near-drop-in replacement; the architecture is similar but with significantly expanded capabilities.
What Magic Does in 2026
Magic is Wallet-as-a-Service infrastructure. It’s not a consumer wallet you download from the App Store like Trust Wallet or MetaMask. It’s an SDK + API product that developers integrate into their app, providing two core capabilities:
- Authentication. Users sign in with familiar Web2 credentials — email magic link, SMS code, Google/Apple/Discord/X social login, passkey (WebAuthn), or SSO. No seed phrase, no extension, no app install required. Apps can also plug in their own auth provider (Auth0, Firebase, NextAuth) and use Magic just for wallet provisioning.
- Embedded wallet creation + signing. Behind the scenes, Magic creates a non-custodial wallet for the user and stores the keys in TKMS — a hardware-isolated trusted execution environment. The user’s keys never live in plain text on Magic’s servers and never touch the developer’s app database. When the user signs a transaction, the request goes through TKMS, the signature comes back, and the developer’s app submits it on-chain. 50-100ms latency end-to-end.
The result for end users: signing into a Web3 app feels exactly like signing into Gmail or Notion. Click magic link → wallet exists → transaction signed with one tap. The result for developers: integrate a few lines of SDK, get a non-custodial wallet system without managing key custody, and ship apps that don’t require users to know what a blockchain is.
Apps using Magic include some major Web3 names — OpenSea (NFT marketplace), Bancor, Radar Relay, Airswap, and dozens of others integrate Magic as one of several wallet options. The 18,000+ apps across the Magic developer base span gaming, DeFi, NFT marketplaces, social apps, and consumer fintech.
Magic’s Product Tiers in 2026
| Product | What It Does | Best For |
|---|---|---|
| Magic Auth | Embedded wallets scoped to your dApp. Users sign in with email/social/passkey, get a non-custodial wallet inside your app. Keys are dApp-scoped. | Apps wanting branded, in-app wallet UX. Most common integration. |
| Magic Connect | Universal wallet that works across multiple dApps. Users keep the same wallet across Magic-powered apps + can connect external wallets (MetaMask, WalletConnect). | Apps wanting users to bring an existing wallet OR create a new one with social login. |
| Dedicated Wallet | Server-side wallet provisioning via API for backend automation, AI agents, and programmatic operations. | Apps with backend signing needs (custodial-like operations on user behalf). |
| Self-Hosted Option | Magic-managed, self-hosted, or hybrid setups. Choose your security model. | Enterprises with specific compliance requirements (HIPAA, regulated finance). |
For most apps, Magic Auth is the default integration — embedded wallets scoped to the specific dApp. If a user wants to use the same wallet across multiple apps, they currently need to export the private key and import it into a third-party wallet (or the developer needs to use Magic Connect instead). This is a meaningful trade-off: dApp-scoped wallets simplify UX but reduce wallet portability.
2026 Pricing
Magic moved away from the 2021-era flat-rate tiers ($79/mo Developer, $327/mo Growth) to a usage-based model in 2024-2026. Pricing is custom based on Monthly Active Wallets (MAW), with transaction-based pricing options as low as $0.001 per transaction for high-volume apps. Talk to sales is the standard onboarding for production deployments. There’s a free tier for early development and testing.
Practical implication: if you’re building a side project or testing a Web3 idea, Magic’s free tier covers it. For production apps with thousands+ active users, you’ll negotiate based on your MAW projection and per-transaction volume. This is normal for enterprise infrastructure — comparable to how Auth0, Twilio, or Stripe price.
Security Architecture: TEE Key Management (TKMS)
The defining piece of Magic’s security model is TKMS — Trusted Execution Environment Key Management System. The original Fortmatic architecture (2018-2020) used AWS Key Management Service (KMS) + Cognito for delegated key operations. Magic replaced this with a custom TEE-based system that runs key generation and signing inside hardware-isolated enclaves. The keys are non-custodial — Magic Labs cannot extract them, the user controls the wallet, and even Magic engineers with full database access cannot recover keys without the user’s auth credential.
This architecture is closer in spirit to what an iPhone Secure Enclave does for Apple Pay than to traditional cloud KMS. Compliance certifications backing the platform: SOC 2 Type 2, ISO 27001:2022, HIPAA, CCPA, GDPR. For enterprise apps in regulated industries (healthcare, finance, government-adjacent), this matters — Magic is one of the few WaaS providers with this certification stack.
Honest caveat: Magic’s key management cannot be self-hosted or independently audited at the source-code level. The system is closed-source (although the cryptographic architecture is documented and the SDK is open-source). For developers who specifically need source-auditable, self-hostable infrastructure, alternatives like Openfort (open-source full-stack) or Turnkey (transparent infrastructure spec) may fit better. For 95%+ of use cases, Magic’s enterprise certification + 7-year track record is sufficient — but if you’re building for a security-paranoid audience or need to demonstrate self-custody to regulators, audit the trade-off carefully.
2026 Embedded Wallet Landscape: Where Magic Sits
The embedded wallet category exploded after Fortmatic / Magic proved the model. By 2026 it has consolidated significantly through M&A, with most major players acquired by larger fintech / Web3 platforms. Here’s the current landscape:
| Provider | 2026 Status | Best For |
|---|---|---|
| Magic | Independent (Magic Labs, $31M funded). 53M+ wallets, 18K+ apps. Auth + wallet specialist. | Apps wanting proven, certified WaaS infrastructure with broad chain support. |
| Privy | Acquired by Stripe (2024-2025). Best onboarding conversion rates; deep stablecoin payment integration with Stripe rails. | Consumer-facing apps prioritizing fiat-to-crypto onboarding + payments. |
| Web3Auth | Acquired by MetaMask / Consensys. Now positioned as part of the MetaMask ecosystem. | Apps wanting MetaMask-ecosystem integration and brand association. |
| Dynamic | Acquired by Fireblocks. Enterprise-focused; multi-chain identity orchestration. | Institutional-grade apps wanting Fireblocks custody backing. |
| Sequence | Acquired by Polygon Labs. Strong Polygon ecosystem positioning. | Polygon-ecosystem apps and games. |
| Thirdweb | Independent. All-in-one stack: contracts + wallets + RPC + payments. | Apps wanting bundled Web3 infrastructure (contracts + wallets together). |
| Openfort | Independent, open-source. Full-stack: smart accounts + paymasters + session keys + TEE backend. | Apps wanting source-auditable, self-hostable infrastructure with native ERC-4337. |
| Turnkey | Independent. Lowest-latency signing infrastructure, BYO stack approach. | High-frequency trading apps and infrastructure builders prioritizing speed. |
| Particle Network | Independent. Smart account + chain abstraction focus. | Apps prioritizing UX-level chain abstraction (one wallet, all chains). |
The 2024-2026 consolidation is meaningful context: Privy + Stripe means the consumer payments stack is increasingly integrated; Web3Auth + MetaMask means the dominant consumer wallet brand owns one of the leading WaaS providers; Dynamic + Fireblocks puts institutional-grade custody behind embedded auth. Magic’s independence is now a differentiator — it’s one of the few major WaaS providers not owned by a larger fintech or wallet company, which matters for apps that don’t want to be locked into a specific ecosystem.
Where Magic Falls Short in 2026
Magic was designed in the 2018-2020 Web3 era when "auth + wallet" was the hard problem. The 2026 expectation has moved further — developers now want full-stack embedded wallet infrastructure including:
- Native ERC-4337 / EIP-7702 smart accounts — Magic supports these via third-party integrations (ZeroDev, Biconomy) but doesn’t have first-class native support. Stacks like Openfort, Privy, and Thirdweb include smart accounts natively.
- Built-in gas sponsorship (paymasters) — Magic doesn’t include native paymaster infrastructure. Apps need to integrate a separate paymaster vendor (Pimlico, Biconomy, ZeroDev) to subsidize user gas.
- Session keys for autonomous transactions — Magic doesn’t natively support session keys (ephemeral signing keys for game transactions, AI agents, recurring payments). This is a gap for game studios and agent-driven apps.
- Server-side wallet automation at scale — Magic’s Dedicated Wallet product covers this, but Turnkey and Openfort are positioned more aggressively for backend automation.
- Self-hosting / source auditability — Magic’s TKMS infrastructure cannot be self-hosted by customers. For apps that need full sovereignty, Openfort’s open-source approach wins.
This isn’t a death sentence — "auth + wallet only" is still the right scope for many apps, and Magic’s 7-year reliability + enterprise certifications + 53M wallet track record are massive assets. But for greenfield apps starting in 2026 that need the full stack, evaluate alternatives carefully before defaulting to Magic.
Pros & Cons
| ✅ Pros | ⚠️ Cons |
|---|---|
| Most-proven WaaS provider — 7 years of operation, 53M+ wallets created | Auth + wallet only — no native smart accounts, paymasters, or session keys |
| Enterprise security certifications (SOC 2 Type 2, ISO 27001:2022, HIPAA, CCPA, GDPR) | Closed-source key management — cannot be self-hosted or independently audited at source level |
| Independent — not locked into a specific wallet brand or fintech ecosystem | Custom enterprise pricing — no transparent published rate card; sales conversation required |
| 30+ blockchains supported | dApp-scoped wallets in Magic Auth mode — users need to export keys to use outside Magic ecosystem |
| 50-100ms latency for wallet creation + signing | Smaller open-source community than Web3Auth or Openfort |
| Pluggable auth — bring your own provider (Auth0, Firebase, NextAuth) or use Magic’s native | Native ERC-4337 + EIP-7702 require third-party integration (not first-class) |
| Patent-pending TEE Key Management System (TKMS) — hardware-isolated keys | Some 2018-era documentation still references Fortmatic — confusing for new developers |
| Server-side / backend wallet automation via Dedicated Wallet API | — |
| Solid documentation at docs.magic.link | — |
Decision Framework: When to Choose Magic vs Alternatives
- You’re a dev evaluating WaaS for the first time, want proven reliability + good docs. → Magic. The 7-year track record, certifications, and 18K+ live apps are hard to beat for risk-aversion.
- You’re building a consumer-facing app that handles payments / fiat onboarding. → Privy (now Stripe). The Stripe integration depth gives you crypto + fiat payments in one stack.
- You want native ERC-4337 smart accounts with built-in gas sponsorship. → Openfort, Thirdweb, or Privy. Magic requires third-party integration here.
- You need source-auditable, self-hostable infrastructure for compliance reasons. → Openfort (open-source full-stack). Magic is closed-source.
- You’re building on Polygon ecosystem. → Sequence (now Polygon Labs). Native ecosystem fit.
- You want MetaMask-brand association in your auth flow. → Web3Auth (now MetaMask).
- You’re an institutional / enterprise app with Fireblocks custody requirements. → Dynamic (now Fireblocks).
- You’re building a high-frequency trading app or backend automation system. → Turnkey (lowest-latency signing) or Magic’s Dedicated Wallet for embedded.
- You want one bundled stack for contracts + wallets. → Thirdweb.
- You want UX-level chain abstraction (user sees one wallet, system handles multi-chain). → Particle Network.
How to Get Started With Magic
- Sign up at magic.link — free tier covers development and testing. Use email or GitHub to create your developer account.
- Create an app in the Magic dashboard — you’ll get an API key (publishable key for client-side, secret key for server-side).
- Install Magic SDK — `npm install magic-sdk` for browser, `magic-sdk/admin` for server. SDKs available for JavaScript, React, React Native, iOS, Android, Flutter.
- Initialize with your API key — pass the key into the Magic constructor. Configure which authentication methods you want (email, social, passkey).
- Wire up auth + signing — `magic.auth.loginWithMagicLink({ email })` for the simplest case; `magic.user.getMetadata()` to get the user’s wallet address; `magic.rpcProvider` to use the wallet for transaction signing (works with ethers.js, web3.js, viem).
- Test on testnet, then move to production — Magic supports all major testnets. When you’re ready for mainnet, switch your network configuration; no code changes required.
- For production scale, contact sales — for apps expecting 1,000+ active wallets/month, work with Magic sales to get a Monthly Active Wallets pricing tier or transaction-based pricing that fits your projected volume.
Migration from legacy Fortmatic SDK to Magic SDK is straightforward — most calls have direct equivalents. If you have a 2018-2020 dApp still on Fortmatic SDK, the Magic team has migration documentation; ping them via the Discord developer support.
Frequently Asked Questions
Is Fortmatic still around?
Fortmatic was rebranded to Magic in 2020. The company (Magic Labs), team, and product are all continuous — same founders (Sean Li, Arthur Jen, Jaemin Jin), same San Francisco HQ, same fundamental product (embedded non-custodial wallets via email/social auth). Just the name changed. The original Fortmatic SDK is deprecated; Magic SDK replaced it with significantly expanded capabilities (TKMS key management, 30+ blockchains, passkey support, server-side wallets). If you’re searching for "Fortmatic" in 2026, you’re looking for Magic. Visit magic.link.
Is Magic a wallet I download?
No — Magic is developer infrastructure, not a consumer wallet. You don’t download Magic from the App Store. You experience Magic as an end user when you sign into a Web3 app that integrated Magic — for example, you might log into an NFT marketplace with email and a magic-link click instead of connecting MetaMask. Behind the scenes, that app embedded Magic’s SDK and Magic created a wallet for you. If you want a consumer self-custody wallet to download, see our best crypto wallets pillar covering Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and 17 others.
Is Magic non-custodial or custodial?
Non-custodial. Magic’s TEE Key Management System (TKMS) generates and stores user keys in hardware-isolated environments. Magic Labs cannot extract keys, cannot sign transactions on behalf of users, and cannot freeze or seize wallet contents. Even Magic engineers with full database access cannot recover keys without the user’s authentication credential. This matches the strict definition of non-custodial — the user controls the wallet, even though they don’t manage a seed phrase directly. The trade-off vs traditional self-custody: if the user loses access to their auth method (email account, phone number) AND has no backup auth options configured, key recovery becomes very difficult. For meaningful holdings, Magic’s recommendation is the same as any wallet: configure recovery options proactively, ideally including a hardware wallet as a backup signer.
What chains does Magic support?
30+ blockchains as of 2026, including Ethereum mainnet, all major EVM L2s (Arbitrum, Optimism, Base, Polygon, zkSync, Linea, Scroll), BNB Chain, Avalanche, Solana, Cosmos, Polkadot, Aptos, Sui, Stacks, Flow, Algorand, NEAR, Tezos, and others. Multi-chain support depends on your pricing tier — the free / developer tier supports a subset; full multi-chain access is included in higher tiers. Check docs.magic.link for the current authoritative list.
How does Magic compare to Privy?
Different sweet spots. Magic is the longer-running independent WaaS provider — 7+ years operating, 53M wallets, broader chain support, enterprise certifications. Privy (acquired by Stripe in 2024-2025) is now part of the Stripe payments stack — best-in-class onboarding conversion rates, native fiat ramp via Stripe, deep stablecoin payment integration. For consumer apps where payments are core (e-commerce with crypto checkout, USDC payment apps, Stripe-adjacent flows), Privy’s Stripe integration is hard to beat. For apps that want chain breadth, vendor independence, or aren’t payment-centric, Magic remains a solid choice. Both offer email/social auth + non-custodial wallets; the differentiation is at the platform-integration level.
Is Magic safe to use?
Yes, with the same caveats that apply to any embedded wallet infrastructure. Magic holds SOC 2 Type 2, ISO 27001:2022, HIPAA, CCPA, and GDPR certifications — one of the strongest compliance certification stacks in WaaS. The TKMS architecture isolates keys in hardware trusted execution environments, similar to how iPhone Secure Enclave works for Apple Pay. There have been no public reports of Magic-side key compromises since the company’s founding. The realistic failure modes are user-level: phishing attacks targeting the user’s email/social auth account; users not backing up recovery methods; the broader Web3 risks (signing malicious transactions, dApp exploits) that affect all wallets. None of those failure modes are specific to Magic.
Can I export my wallet from Magic to MetaMask or another wallet?
Yes. Magic provides a Reveal Private Key feature in the user’s Magic wallet UI — users can export their private key and import it into any compatible wallet (MetaMask, Trust Wallet, Rabby, etc.). This is part of Magic’s non-custodial commitment: the user must always be able to leave Magic with their wallet intact. Practical note: once you export to MetaMask, the wallet is no longer dApp-scoped — the user controls the same address across any dApp. This is reversible only by creating a new Magic-managed wallet.
What does Magic cost in 2026?
Custom pricing based on Monthly Active Wallets (MAW) with transaction-based options as low as $0.001 per transaction for high-volume apps. There’s a free tier for development and testing. The 2021-era flat tiers ($79/month Developer, $327/month Growth) no longer exist — Magic moved to enterprise-style usage pricing in 2024-2026. For production deployments, expect to talk to sales and negotiate based on your projected MAW + transaction volume. Free tier is sufficient for prototyping, side projects, and early-stage apps.
What apps use Magic?
18,000+ apps as of 2026 across gaming, DeFi, NFT marketplaces, social, and consumer fintech. Notable examples include OpenSea (NFT marketplace), Bancor, Radar Relay, Airswap, and dozens of consumer Web3 apps that prefer email/social auth over MetaMask connection. The common thread: apps targeting Web2-style mainstream users who don’t want to install a browser extension or manage seed phrases.
Should I use Magic, or build my own wallet system?
For 99% of apps, use Magic (or a comparable WaaS provider). Building wallet infrastructure in-house is a massive undertaking — secure key management, hardware enclaves, compliance certifications, multi-chain support, fraud detection, recovery flows. Magic has spent 7 years on this and has the SOC 2 Type 2, ISO 27001, HIPAA, CCPA, GDPR certifications to prove it. The exceptions where in-house makes sense: very high-volume trading apps where every basis point matters; institutional custody requirements; apps building wallet infrastructure as the actual product. For everyone else, embedded WaaS is the right architectural choice — Magic, Privy, Thirdweb, Openfort, or another provider depending on your specific needs.
Verdict: Magic in 2026
Magic (formerly Fortmatic) is the most proven independent Wallet-as-a-Service provider in 2026. The 7-year track record, 53M+ wallets created across 18,000+ apps, enterprise security certifications (SOC 2 Type 2, ISO 27001, HIPAA, CCPA, GDPR), and patent-pending TKMS key management make it a low-risk choice for embedded wallet infrastructure. The independence is now genuinely valuable — after Privy→Stripe, Web3Auth→MetaMask, Dynamic→Fireblocks, and Sequence→Polygon, Magic is one of the few major WaaS providers not owned by a larger fintech or wallet company. For developers who don’t want to be locked into a specific ecosystem, that matters.
Where Magic falls short: native ERC-4337 / EIP-7702 smart accounts, built-in paymaster gas sponsorship, and session keys for autonomous transactions all require third-party integration on top of Magic. For greenfield apps starting in 2026 that need the full stack out of the box, evaluate Openfort (open-source full-stack), Privy (best for payment-integrated consumer apps), or Thirdweb (bundled contracts + wallets). For mature apps that already integrate well with auxiliary infrastructure, or for apps where "auth + wallet" is the actual scope, Magic remains an excellent choice.
If you’re an end user looking for a wallet to download, Magic isn’t what you want — see our best crypto wallets pillar for consumer wallet picks (Trust Wallet, MetaMask, Phantom, Coinbase Wallet, hardware options). For deeper context on different wallet architectures, see different types of crypto wallets. For account abstraction / smart contract wallet alternatives, see best smart contract wallets.
Reviewed by Gaurav Agarwal, founder of CoinCodeCap. Direct evaluation of Magic Link SDK and competitive WaaS providers (Privy, Web3Auth, Thirdweb, Openfort). Status (Magic Labs SF since 2018 originally as Fortmatic, rebranded 2020; $31M total funding; 200K+ developers; 18K+ apps; 53M+ wallets; 30+ blockchains; SOC 2 Type 2 + ISO 27001:2022 + HIPAA + CCPA + GDPR certified; TKMS patent-pending key management; 50-100ms latency; custom MAW pricing with $0.001/tx tier; major 2024-2026 category consolidation: Privy→Stripe, Web3Auth→MetaMask, Dynamic→Fireblocks, Sequence→Polygon) reflects direct research and verification through May 2026.
⚡ Bottom Line: 2026 review of Magic (formerly Fortmatic). Fortmatic rebranded to Magic in 2020 — same company (Magic Labs SF), same founders (Sean Li, Arthur Jen, Jaemin Jin), evolved product. Now one of the most proven independent Wallet-as-a-Service (WaaS) providers: 53M+ wallets, 18K+ apps, 200K+ developers, 30+ blockchains, 7-year track record, $31M funded, certifications include SOC 2 Type 2, ISO 27001:2022, HIPAA, CCPA, GDPR. Patent-pending TKMS (TEE key management) keeps wallets non-custodial. Best for: Web3 apps wanting Web2-style email/social/passkey auth + non-custodial wallets at proven scale. Honest limitation: auth + wallet only — for native ERC-4337 smart accounts, paymaster gas sponsorship, session keys, you’ll either stack third-party vendors (ZeroDev, Biconomy) or migrate to fuller stacks like Openfort, Privy (now Stripe), or Thirdweb. 2026 category context: Privy→Stripe, Web3Auth→MetaMask, Dynamic→Fireblocks, Sequence→Polygon — Magic’s independence now genuinely differentiating. Pricing custom (Monthly Active Wallets + $0.001/tx tier).
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