Magna offers a token vesting and DeFi investment management platform.
The round's principal backers were Tiger Global and Tusk Venture Partners.
Alchemy Ventures, Solana Ventures, Ava Labs, Polygon, Protocol Labs, Y Combinator Continuity, Blockchain Founders Fund, AV Blockchain Fund, Olive Tree Capital, ProtoFund, and Plug & Play Ventures all made commitments.
Angel investors also contributed to the round. Senior executives from QuickNode, QuantStamp, Phantom, Chainalysis, Fireblocks, TRM, Anchorage, and TokenSoft are among them.
Magna will use the money to enhance the functionality of its platform as a whole. Additionally, it will develop fresh product lines, roll out assistance for fresh blockchains and protocols, and audit its smart contracts.
Magna said that companies like OtterSec and CertiK had examined its on-chain programs numerous times. To enhance custody and liquidity options, the business is also integrating with institutional custody providers and market markers.
It becomes more difficult to manage thousands of token grants as more businesses and initiatives provide tokens to workers, community members, investors, and other stakeholders.
Early in 2022, the token management company was formed by Bruno Faviero (CEO) and Arun Kirubarajan (CTO). Their goal was to reduce the hassle associated with administering token grants and allocating tokens. Customers enter recipient and distribution schedule data, and the platform handles the rest automatically.
It allows blockchain distributions for Solana, Ethereum, Polygon, Avalanche, and more platforms.
Magna assists businesses who have not yet issued their token in planning token distributions. Its tools include maintenance of legal agreements and token offer letters.
Magna provides on-chain data, including as holder breakdown, token transfers, and live price, for those who have a live token. Additionally, it provides compliance assistance with tax withholding, tax liability calculations, IRS filings, and other tasks.
About Tiger Global
Tiger Global is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries.
Its mission is to generate world-class investment returns over the long term. They aspire to do so in a way that makes our partners and portfolio companies proud, as they build a unique, global investment platform.
Find out more here: https://www.magna.so/
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