Decentralized identity management platform Magic launches from stealth with $4M

Decentralized identity management platform Magic launches from stealth with $4M

For builders seeking to rapidly construct id administration into their platforms, probably the most available choices don’t stray removed from the web’s largest, most data-hungry platforms.

Magic, a small SF startup constructing a decentralized blockchain-based id answer, desires to create a seamless expertise that feels much like login workflows from apps like Slack and Medium the place customers are despatched a hyperlink to that they will click on to instantly log-in. Magic’s SDK permits builders to craft comparable experiences to Medium and Slack with out constructing them from scratch, leveraging authentication by way of blockchain key pairs that enables customers to securely log-in throughout units.

“Our id as of late is generally managed by Facebook and Google, what’s cool about this id answer is that it’s a decentralized id,” Magic CEO Sean Li says.

The startup is launching out of stealth, rebranding from its earlier firm identify Fortmatic,  and saying that they’ve raised $four million in a seed funding spherical led by Placeholder. A bunch of different traders participated within the firm’s funding, together with Lightspeed Ventures, SV Angel, Social Capital, Cherubic Ventures, Volt Capital, Refactor Capital, Unusual Ventures, Naval Ravikant, Guillermo Rauch, and Roham Gharegozlou.

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Li has largely sought to reduce the blockchain facet of the corporate’s tech in an try and hold the enchantment extra mass market, however Magic’s early prospects are largely within the blockchain world, particularly Ethereum purposes. The firm is free for patrons with lower than 250 customers, and previous that subscription pricing scales from a $79/mo plan to customized pricing for full white-labeled enterprise roll-outs with customized integrations. Li says the Magic platform is SOC 2 compliant.

In the corporate’s safety documentation, they be aware that any consumer keys fully bypass Magic servers and are saved encrypted on AWS’s Key Management Service, guaranteeing that Magic by no means sees personal consumer keys. The firm is at the moment constructing out their SDK to assist authenticator apps and hardware-based authentication by YubiKeys

“One large distinction that we’ve got in contrast with one thing like Medium, is in case you’re making an attempt to log into your laptop computer and click on on the hyperlink in your cellphone, you’d be logged in in your cellphone and that’s not the best place to edit an article,” Li says. “But with our Magic hyperlink login you’re logged into the laptop computer and you’ll click on your magic hyperlink from wherever.”

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Alongside the funding information, Magic introduced partnerships with front-end developer platform Vercel, Cryptokitties-maker Dapper Labs and the Max Planck Society analysis institute.


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