We are thrilled to announce our rebranding to Magic 🧙♂️ (@magic_labs) and our 4m Series Seed funding!
Time to end the era of passwords and unlock a more secure and authentic Internet 🔥
Read more 👇https://t.co/LIzhknsjFV
— Fortmatic (@fortmatic) May 29, 2020
With a strong focus on user onboarding and technical abstraction, the new rebrand comes with a sleek user experience using password logins and email authentication to lower the barriers to entry for crypto-wallets.
Magic also announced a $4M seed round from leading funds like Placeholder, Lightspeed, and Naval Ravikant to “end the era of passwords and take down the identity silos owned and exploited by tech oligarchs.”
In the blog post, Magic runs through the history of data silos and potential for cryptonetworks, painting a picture of Open Platforms and how Magic is aiding in making Public Key Infrastructure more digestible.
What’s to Know?
Using the Magic SDK, developers can integrate a simple email-based login and password experience customary to legacy solutions like Instagram, Amazon and Spotify.
“Developers and end-users can gain all of the benefits of PKI without any of the risks or pains associated with key management. Magic handles all of that through a combination of security from the next paradigm and the simplest, most familiar authentication experience possible.”
However, unlike the logins of the past, identities are not stored by Magic. This is accomplished by private keys being managed but never exposed to Magic or developers’ applications, significantly reducing the risk of compromise as we recently saw with the BlockFi data breach.
— Placeholder (@placeholdervc) May 29, 2020
To help make Magic as widely as accessible as possible, the company is partnering with a number of novel programs including Dapper Labs – the company behind CryptoKitties to integrate the Magic flow into sectors like gaming.
More recently, Magic was showcased during the Zora $TAPE drop, with users utilizing the onboarding flow to login and manage their purchase directly through a Magic-powered dashboard.
Smart Wallet Movement
With Magic coming out of stealth mode, we’re seeing strong signals that that race for consumer adoption is getting ever more competitive as it relates to wallets.
To this end, Magic is fighting hard for partnerships, listing a suite of notable DeFi projects like Uniswap, Set Protocol, Aave and PoolTogether which have all integrated supported for the new smart wallet to date.
In the meantime, we’ll be keeping a close eye on whether or not DeFi power users actually prefer something like Magic to sector-leaders like MetaMask.
To stay up with Magic and their new smart wallet movement, follow them on Twitter.
Cooper is the Editor of DeFi Rate and an active contributor to leading DeFi media outlets like The Defiant, DeFi Pulse, and Bankless. He works with early-stage teams through Fire Eyes DAO to incubate governance models and grassroots community development. He is an ambassador to Set Protocol and an author of a weekly publication called Token Tuesdays. To stay up with Cooper, follow him on Twitter.