🦄 Magna: Token distribution/cap table management for web3

The crypto industry relies on DeFi, or decentralized finance, instead of traditional banks. This essentially means payments are peer-to-peer, powered by the blockchain, instead of through a centralized service. Crypto/web3 companies need to pay out equity and crypto tokens to investors and employees using DeFi. In its current state, many crypto startups are sending out manually calculated payments to employees and investors. This process is labor-intensive and prone to errors due to complicated cap tables and vesting schedules, with companies spending hours per week verifying numbers on Google Sheets spreadsheets using hacky programming scripts. Magna offers an all-in-one platform for companies to automate their token payouts and manage cap tables, saving companies the headache and time of doing it on their own. We predict Magna will grow quickly because it’s laying the foundation for the web3 industry’s finances, allowing companies to scale.

• The 26 crypto startups that Y Combinator is backing in its W22 batch [TechCrunch]
• Magna: Carta for Web3: token vesting and DeFi investment management. [Y Combinator]
• 🏦 Arun Kirubarajan: UPenn dropout to Co-Founder and CTO of Magna (YC W22) [AsianFound]