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Tuesday

27 July 2021

Crypto Wallet Password Manager Raises $27M from Alexis Ohanian, Balaji Srinivasan, More - Decrypt

Crypto Wallet Password Manager Raises $27M from Alexis Ohanian, Balaji Srinivasan, More - Decrypt


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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 a number of prominent investors, including many well-known angel investors.

Magic started with Ethereum and now supports 14 blockchains, with more (including Bitcoin) incoming.

“We’re spreading this mainstream adoption to more and more blockchains and users, as well,” Magic co-founder and CEO Sean Li toldDecryptthis week.

Li sees Magic as the future “passport of the internet,” and described a roadmap in which this initial authentication service gives way to a more robust decentralized identity platform.

By bridging from existing platforms into this decentralized approach to identity, Magic aims to nudge users along towards a more secure future.

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