Key points:

Ethereum-based wallet solution provider Fortmatic announced the completion of a US $ 4 million seed round of financing, and Placeholder led the investment;

The company provides wallet solutions for Ethereum-based applications;

Fortmatic recently changed its name to Magic to provide a white label service for the website and authenticate and register users through email links.

Only a magic link is needed to provide a secure and password-free user registration experience. Relying on the blockchain, the link is attractive to millions of ordinary web developers-this is the vision portrayed by Fortmatic CEO Sean Li when financing the company.

Startup Fortmatic was founded in 2018 and is headquartered in San Francisco. On May 29, it announced that it had completed a seed round of US $ 4 million in funding, led by Placeholder, with participation of Lightspeed Ventures, SV Angel, Social Capital, and AngelList founder Naval Ravikant.

Sean Li stated:

When marketing a company to investors, it is really important not to talk one word and use integration. If I only talk about Web3, then investors may think the market is small. If I only talk about Web2, they will ask competitors. However, if I combine the two, then the best of both worlds.
In fact, Fortmatic initially provided a wallet solution for Ethereum-based Web3 applications. Recently, it was renamed to Magic and provided user authentication technology as a white label service to developers in Web3 and Web2.
Since the company’s wallet solution launched in 2019, it has joined many popular Ethereum applications (including Uniswap, TokenSets, and PoolTogether) with success. New users do not need to register for the Ethereum wallet separately on these platforms. The platform creates a wallet for the user by asking the user’s email address and sends a registration link (called a magic link) to their email account.

Now, the company is expanding the magic links service to all web developers so that they can provide new users with a similar passwordless registration experience.

The key point is the magic links login. Many developers want to do this, but they don’t actually care about the principle behind it. Developers will use magic links in the most simplified form, but in fact it is supported by blockchains such as Ethereum.
The company has already acquired some non-blockchain customers. For example, Max Planck Society, a Munich-based research institution, Magic Link will promote user identity verification as part of its blockchain project bloxberg. In addition, the company Magic also collaborates with Vercel, which helps developers deploy websites.