Crypto Password Startup Magic Raises $ 27 Million From Alexis Ohanian, Balaji Srinivasan, Plus

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  • Magic, a magic link-based decentralized authentication platform for Web3 applications, raised a $ 27 million Series A round.
  • New investors include Alexis Ohanian, Balaji Srinivasan, and venture capital firm Northzone, as well as many supporters of the 2020 seed round.

Magic, a startup that provides a decentralized authentication platform for Web3 applications, announced today that it has raised a $ 27 million Series A funding round from several major investors, including many well-known angel investors.

San Francisco-based startup, originally known as Fortmatic Prima rebrand in May 2020, has expanded its roster of angel investors with new additions, such as Seven Seven Six founder and Reddit co-founder Alexis Ohanian, the investor and Former Coinbase CTO Balaji Srinivasan, well-known social media influencer Casey Neistat, and Product Hunt founder Ryan Hoover.

“Magic combines the usability of traditional authentication with the security of cryptocurrencies,” Srinivasan said in a quote given to Magic Crack. “It looks like a piece of the future.”

Venture capital firm Northzone led Series A as a new investor in Magic, and other VCs such as Tiger Global, Volt Capital, Digital Currency Group and CoinFund were joined. Series A investors who also participated in the $ 4 million Magic Seed Round last year include Placeholder, Cherubic Ventures, SV Angel, AngelList Naval Co-Founder Ravikant and Vercel CEO Guillermo Rauch.

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Magic tries to minimize friction for the users they interact with. decentralized applications (dapps), using a magic link sent by email or other service to authenticate users, rather than requiring the use of a crypto wallet like MetaMask. (Disclose: Decrypt is a Magic client and uses their platform for our mobile app.)

Each user receives a decentralized, blockchain-based cryptographic key pair managed with Magic’s delegated key management platform, rather than the user themselves. Magic started with Ethereum and now supports 14 blockchains, with more (including Bitcoin) on the way.

“We are spreading this widespread adoption to more and more blockchains and users,” said Magic Co-Founder and CEO Sean Li. decipher this week.

According to Li, the new funding will help his team expand and improve its current authentication service, which allows users to log into applications via email or social media accounts, and will add SMS and multi-factor support in the future. Li says Magic has been overwhelmed by customer demand and will work to implement feature requests, accelerate growth, and “continue the research” on key management tactics and further decentralization.

Magic sees them as the future “Internet passport” and has outlined a roadmap in which this initial authentication service gives way to a stronger decentralized identity platform. He said that centralized identity services on social media are almost “too big to fail” in their current form and that attacks on such platforms can have devastating consequences for users. By moving from existing platforms to this decentralized approach to identity, Magic aims to propel users towards a more secure future.

“We are like a Trojan horse in obtaining more blockchain keys for more users, whether they know it or not,” Li said. “We hope to refactor the Internet so that identity is more sustainable and not centralized for really big companies like Facebook and Google.”

“It is the beginning of the journey to solve it, but at least we are on the right track at the moment. We are trying to generate a decentralized identity from these centralized providers, “he added.” Over time, imagine how that could be tied to a privacy-sensitive, customer-centric, and device-based access factor. That transition would be that moment. Internet passport makes sense to most of the people in the world. As a first step, we are getting the basic authentication service the right way.

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