Magna, a New York-based token manager has announced the completion of a $15.2 seed round. The round with several venture capital firms and individual Investors in participation saw the young start-up reach a $70 million valuation.
Tiger Global and Tusk Ventures led the round with contributions from Circle Ventures, Shima Capital, Solana Ventures, Galaxy Labs, and Avalanche Labs. Ryan Selkis, CEO and co-founder of Messari also participated in the round.
With the added funds, Magna will strengthen its workforce with the needed additions. It also intends to launch new token management offerings.
The process of token issuance – a tool that has proven to be a powerful incentive for stakeholders has been largely manual with very few tools and platforms available at the moment.
Magna, with its platform, seeks to address this problem for founders and organizations.
According to Bruno Favero CEO of Magna, the platform helps companies plan, manage and execute token distribution
Launched earlier in the year, Magna’s platform allows crypto startups to automate the process of token distributions to their teams, stakeholders as well as community members.
The platform provides a fast, secure, and efficient way to distribute tokens and also has an added feature that allows users to schedule their distribution for a later date.
The young startup also gives token holders insights into what their future ownership will look like.
In addition to token distribution, Magna provides compliance support for tax withholding, IRS filing, and calculating tax liability among other services.
The platform is compatible with Solana, Polygon, Ethereum, Avalanche, and BNB chains. It is also working on supporting distributions on the Aptos network and supports other EVM-compatible chains.
The New York-based startup has a presence in Miami and Toronto.
New funds to onboard new products
The recent market downturn has not deterred investment in the nascent sector as various venture capital firms provide seed funds for promising projects.
Recently, CreatorDAO, a decentralized autonomous organization, completed a $20 million seed round to focus on the web3.0 creator subsector.
Likewise, Merge, a London-based web3.0 payment firm, secured $9.5 million in seed funds to develop a platform that bridges the gap between traditional firms and the crypto ecosystem.