{"id":46602,"date":"2021-07-23T18:27:46","date_gmt":"2021-07-23T15:27:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46602"},"modified":"2025-09-01T17:14:59","modified_gmt":"2025-09-01T14:14:59","slug":"developer-of-a-decentralized-identity-solution-raises-27-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/developer-of-a-decentralized-identity-solution-raises-27-million\/","title":{"rendered":"Developer of a decentralized-identity solution raises $27 million"},"content":{"rendered":"<p>The startup behind the decentralized identity system Magic Labs (formerly Fortmatic) raised $27 million following a Series A funding round.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Thrilled to announce we\u2019ve secured $27M in Series A funding!<\/p>\n<p>Big thank you to our amazing developer community, customers, and investors around the world for the support. <\/p>\n<p>\ud83d\ude80 Here\u2019s to future-proofing auth to build a safer, more authentic internet.<a href=\"https:\/\/t.co\/ZSU7z5nDDe\">https:\/\/t.co\/ZSU7z5nDDe<\/a><\/p>\n<p>\u2014 Magic (@magic_labs) <a href=\"https:\/\/twitter.com\/magic_labs\/status\/1418210254941163531?ref_src=twsrc%5Etfw\">July 22, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The funding round was led by Northzone.<\/p>\n<p>The financing also came from Tiger Global, Volt Capital, Digital Currency Group, CoinFund, Placeholder, as well as 80 angel investors. Among them are Reddit co-founder Alexis Ohanian, Github CTO Jason Warner, former Coinbase CTO Balaji Srinivasan, Dapper Labs CEO Roham Gharegozlou, and Naval Ravikant, co-founder of AngelList.<\/p>\n<p>The proceeds will be used to scale the platform and double its 30-strong team. Magic Labs will hire developers, product managers, designers, marketers and finance professionals.<\/p>\n<p>The startup aims to create an \u201cinternet passport\u201d to guarantee trust between users and web services.<\/p>\n<p>Magic provides a developer kit with a <span data-descr=\"literally 'plug &#038; play'\" class=\"old_tooltip\">plug &#038; play<\/span> approach. It allows adding login without passwords via solutions such as magic links and WebAuthn.<\/p>\n<p>In an interview with <a href=\"https:\/\/www.theblockcrypto.com\/post\/112193\/decentralized-identity-startup-magic-blockchain-series-a-tiger-global\">The Block<\/a> CEO of the startup Sean Li noted that developers only need to drop in a couple of lines of code to provide authentication for users.<\/p>\n<p>Rather than usernames and passwords, Magic\u2019s solution uses public and private keys. A decentralized identifier is signed with the private key to create an authentication token. It can be used to verify the user\u2019s identity.<\/p>\n<p>The key pairs remain private and can be exported. This allows users to control their own identification data (<a href=\"https:\/\/en.wikipedia.org\/wiki\/Self-sovereign_identity\">self-sovereign identity<\/a>).<\/p>\n<p>Magic Labs supports Ethereum, Binance Smart Chain, Solana, Polkadot and Polygon. According to Li, the list will be expanded to include Bitcoin and other blockchains.<\/p>\n<p>Since its launch in April 2020, Magic Labs has grown its community of developers using the solution by more than tenfold. As a result, the data of millions of customers across companies of all sizes and sectors are protected.<\/p>\n<p>Magic Labs\u2019 solution is used by UserVoice, Decrypt, Fairmint, Polymarket, Nifty, Showtime, Async Art and Brella.<\/p>\n<p>As with Amazon Web Services, the company charges for system access.<\/p>\n<p>In March, Microsoft <a href=\"https:\/\/forklog.com\/en\/news\/microsoft-launches-open-source-ion-decentralised-identity-did-system-on-the-bitcoin-blockchain\">launched<\/a> the open-source decentralized identity (DID) solution ION on the Bitcoin blockchain.<\/p>\n<p>In April, the Cardano-backed company IOG (formerly IOHK) and the government of Ethiopia <a href=\"https:\/\/forklog.com\/en\/news\/iog-to-roll-out-atala-prism-blockchain-identity-solution-in-ethiopia\">signed an agreement<\/a> to deploy the Atala PRISM decentralized identity system in the country.<\/p>\n<p>Subscribe to ForkLog News on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The startup behind the decentralized identity system Magic Labs (formerly Fortmatic) raised $27 million following a Series A funding round.<\/p>\n","protected":false},"author":1,"featured_media":46603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[130,605,1133],"class_list":["post-46602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-decentralization","tag-identification","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=46602"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46602\/revisions"}],"predecessor-version":[{"id":46604,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46602\/revisions\/46604"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/46603"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=46602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=46602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=46602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}