Coming as the latest development in the cryptosphere, Magic, a San Francisco-based startup recently raised a four million USD funding from investors including Volt Capital, SV Angel, Naval Ravikant, Placeholder, and Lightspeed Venture Partners, etc. Notably, one of the investors, SV Angel has a resonating portfolio, which includes Airbnb, Coinbase, Stripe, etc.
Naval Ravikant, an Indian American entrepreneur and the former CEO & co-founder of AngelList, mentioned in a press statement,
“Magic points the way towards a world in which user identity and authentication is decentralized and not subject to control by the tech giants.”
Imran Khan, a Partner at Volt Capital, mentioned that the startup’s delegated key management service allows app developers make customized sign-on experiences without using the private keys of the customer. Khan further added that the startup serves clientele outside the virtual asset and cryptocurrency industry as it can validate on the basis on any protocol the platform is using.
“I think the recession will increase their business. Startups are going to look to be more efficient. They’ll use platforms like Magic to cut costs.”
What do you think about the latest funding of the aforementioned Blockchain based startup? Let us know your stance about the Indian American entrepreneur taking part in the fundraising round. Let us know your thoughts in the comments below!