For developers who want to quickly integrate identity management into their platforms, the fastest available options are not far from the largest and most data-hungry platforms on the Internet.
Magic, a small SF startup that creates a decentralized blockchain-based identity solution, wants to create a seamless experience that feels like login workflows from apps like Slack and Medium, where users get a link to click on, to register immediately. Magic's SDK allows developers to create experiences similar to Medium and Slack without having to create them from scratch. Authentication via blockchain key pairs is used, with which users can securely log in between devices.
"Our identity is mostly controlled by Facebook and Google these days. The cool thing about this identity solution is that it's a decentralized identity," said Sean Su, CEO of Magic.
The startup starts from the hidden, renames itself from its former company name Fortmatic and announces that it has raised $ 4 million in a seed funding round led by Placeholder. A variety of other investors have been involved in the company's financing, including Lightspeed Ventures, SV Angel, Social Capital, Cherubic Ventures, Volt Capital, Refactor Capital, Unusual Companies, Naval Ravikant, Guillermo Rauch and Roham Gharegozlou.
Su has largely attempted to minimize the blockchain aspect of the company's technology in order to maintain the attractiveness of the mass market. However, Magic's early customers are mostly in the blockchain world, especially in Ethereum applications. The company is free for customers with fewer than 250 users. In addition, subscription pricing ranges from a $ 79 / month plan to custom pricing for full white label business rollouts with custom integrations. According to Su, the Magic platform is SOC 2 compliant.
The company's security documentation advises that all Magic Server user keys are bypassed and stored encrypted in the AWS Key Management Service to ensure that Magic never sees private user keys. The company is currently expanding its SDK to support authentication apps and hardware-based authentication using UB keys.
“One big difference we have compared to Medium is that if you try to log in to your laptop and click the link on your phone, you are logged in to your phone and this is not the ideal place to go Editing is an article, ”says Su. "With our Magic Link login, however, you are logged into your laptop and can click on your Magic Link from anywhere."
In addition to the financing news, Magic announced partnerships with the front-end developer platform Vercel, the cryptokitties manufacturer Dapper Labs and the research institute of the Max Planck Society.