Token Manager Magna Secures $15.2M In Seed Round

A seed funding round co-led by an American investment company that has $125 billion in assets under management (AUM) Tiger Global and Tusk Venture Partners, an early growth stage investor, have raised $15.2 million for Magna.

Magna is a token management platform that provides software that makes the easy distribution of tokens possible. The token management company plans to use this fund which has pushed its valuation to $70 million to bring about automation in token distribution.

Supporting investors in the round were 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, Balaji Srinivasan,  and Ryan Selkis.

Senior executives from Anchorage, Fireblocks, TRM, Chainalysis, TokenSoft, Phantom, QuantStamp, and QuickNode joined the seed round as angel investors.

Magna to Automate Token Distribution

Over the year, many companies and projects have grown a trend of giving out tokens to their community, employees, investors, and other stakeholders. Most time, these tokens which have large volumes are distributed manually.

This method consumes more energy and takes a lot of time due to wear and tear on the manual process. Magna came into existence a few months ago and focused on reducing the difficulty experienced when managing token grants and distributing tokens.

The company was co-founded by Chief Executive Officer Bruno Faviero and Chief Technology Officer Arun Kirubarajan.

Targeting the problem of time and energy consumption, Magna intends to apply the $15.2 million seed fund raised to provide an automated approach to token distribution while also building its team.

Subsequently, employers, project managers, and other customers who engage the Magna platform would only have to input the details of their distribution schedule and the recipient data after which the system would automate the transaction with ease.

Similarly, the cyber security firm Goldsky has raised $20 million in a seed round jointly led by Felicis, known for early-stage investments, and Dragon Capital, a cross-border crypto venture fund. The focus of the fund is to create accessibility to blockchain data and ease of their usage to users at the same time.