Picnic: A Fintech Investment Platform Powered by Blockchain Infrastructure

Picnic is the largest DeFi platform in Brazil, enabling users to invest in digital assets, earn yield, and spend crypto in everyday life through a single, intuitive application.

Across its product suite, which includes buying and swapping crypto, DeFi investments, and a Visa card that allows users to spend crypto anywhere while earning cashback, Picnic focuses on one core principle: making blockchain-powered finance feel as simple and accessible as traditional fintech apps.

Users interact with Picnic like they would with a modern investment app. They fund their account, choose investment products, and track performance, while transactions are executed directly onchain, giving users full ownership and control of their assets.

Picnic is powered by Magic Labs to deliver this experience securely and at scale. Magic’s embedded, non-custodial wallet infrastructure underpins Picnic’s ecosystem. This enables simple email-based access, secure onchain execution, and a consistent wallet layer across investing, earning, and payments, without exposing users to blockchain complexity.

#Key Results with Magic: 

By simplifying onboarding and authentication, Picnic removed one of the biggest barriers to scaling blockchain-powered finance, resulting in:

• $200M+ in transaction volume
• Faster onboarding for mainstream users
• A product experience that scales beyond early adopters

Today, Picnic has grown into one of the largest DeFi and investment platforms in Brazil, demonstrating how fintech companies can use blockchain to improve efficiency and user control, without sacrificing usability.

#The Challenge

As Picnic scaled to become Brazil’s largest DeFi platform, the team faced a critical challenge: how to onboard users without introducing complexity that becomes a barrier to adoption.

Traditional crypto wallet flows—private keys, seed phrases, and browser extensions—created friction that conflicted with Picnic’s goal of delivering a seamless, consumer-grade experience. Asking users to manage wallets upfront would have slowed adoption and increased drop-off at the very first step. Picnic needed an onboarding approach that:

• Felt famillar to mainstream users
• Eliminated private key and seed phrases
• Preserved full user ownership of funds

#The Solution

Picnic integrated Magic’s embedded wallet infrastructure to abstract wallet complexity while maintaining non-custodial security and user control.

#How it works

Users can create an account using email or Google authentication. Magic provides secure, non-custodial authentication and transaction signing. There are no seed phrases to manage and no extensions to install. 

Magic serves as the secure, non-custodial signer for a Safe Smart Account (ERC-4337). This architecture enables 'one-click' DeFi, bundling complex swaps and staking into a single user action, while ensuring users maintain full custody of their assets. 

“Onboarding is everything. Magic helped us remove unnecessary friction so users can invest, earn, and spend onchain with the same ease they expect from modern fintech apps.” - João Ferreira/CEO

External wallet support:

For users who prefer to connect an existing wallet, Picnic also supports WalletConnect, allowing crypto-native users to interact with Picnic using wallets like MetaMask or hardware wallets—while maintaining the same Safe-based smart account experience.

Magic's TEE-Secured Key Management System (TKMS):

Magic's embedded wallet technology is secured by its TEE-Secured Key Management System (TKMS). TKMS uses hardware-isolated Trusted Execution Environments (TEEs) to generate and manage private keys, so that they're never exposed to applications, servers, or even Magic itself. 

Private keys are created and used entirely inside secure hardware, so that: 

• Wallets are fully non-custodial
• Picnic cannot access user funds
• Magic cannot access user funds

This architecture allows Picnic to deliver reliable and secure experiences while settling transactions directly onchain. This combines the usability of modern fintech with the ownership guarantees of blockchain.

#Why Picnic Chose Magic 

For Picnic, choosing an embedded wallet provider was about more than onboarding—it was about building a foundation that could support a growing fintech platform. Magic provided:

• Embedded, non-custodial wallet access with familiar authentication
• Enterprise-grade security through TEE-based key management
• Proven scale, with millions of wallets powered globally

“The future of fintech is onchain, but only if users don't have to think about blockchain” said Jaemin Jin, co-founder and President of Magic Labs. “Picnic shows how fintech teams can use embedded wallets to deliver real financial products onchain—without exposing users to unnecessary complexity.”

#Ready to build fintech products onchain?

Magic powers secure, non-custodial embedded wallets for fintech, DeFi and consumer applications worldwide. Get started for free or explore the docs.