September 15, 2022 — Data engineering, analytics, and AI solutions provider On September 15, 2022, NEW YORK Magna, a token management platform with headquarters in New York, declared today that it has raised USD 15.2 million in early funding.
Tiger Global and Tusk Venture Partners served as the round’s lead investors. Other investors included Circle Ventures, Galaxy Digital, Asymmetric, Alchemy Ventures, Solana Ventures, Ava Labs, Polygon, Protocol Labs, Y Combinator Continuity, Blockchain Founders Fund, AV Blockchain Fund, Olive Tree Capital, ProtoFund, Plug and Play Ventures, Ryan Selkis, Balaji Srinivasan, and angel investors including senior executives from Anchorage.
According to Bruno Faviero, CEO of Magna:
“Crypto entrepreneurs want their stakeholders to obtain their tokens on time, appropriately, and in a compliant fashion.” “DIY products for important activities like these frequently result in intensive engineering work, unaudited code, poor user interfaces, and a lack of support for appropriate tax reporting and compliance components. If we want to make it simpler to launch, scale, and participate in the next 100,000 crypto enterprises, these things must function right out of the box.”
According to Yida Gao, general partner at Shima Capital:
“At Shima, we have hundreds of portfolio firms, and numerous have tried to establish token distribution systems in-house to no effect.” These resources should be primary and necessitate battle-tested intelligent contract programming, thorough security assessments, and a friendly user experience.
Magna provides tools like token offer letters and legal agreement management to help businesses who haven’t yet issued their token lay out their token allocations well in advance. Beyond distributions, Magna’s platform supports firms who already have a live token with on-chain analytics (holdership breakdown, token transfers, live price, and more), compliance support for tax withholding, determining tax liabilities, IRS filings, and other things.
Magna will use this fresh funding to enhance the platform’s overall user experience, develop new product lines, roll out support for additional blockchains and protocols, and regularly audit its smart contracts. Industry-leading companies, such as OtterSec and CertiK, have assessed Magna’s on-chain procedures numerous times. Magna is also integrating with top institutional custody providers and market makers to provide its clients with the best-in-class custody and liquidity alternatives.
Magna is presently hiring for several positions and has locations in New York, Miami, and Toronto.
Magna enables cryptocurrency businesses to automate the distribution of their tokens. On Solana, Ethereum, and other significant blockchains, enterprises can quickly, securely, and dependably distribute tickets to their team, stakeholders, community members, and other critical stakeholders using Magna. With the help of Magna’s token planning tools, founders may also schedule future token distributions and inform token holders about their future ownership.
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