Magna (Founding)

Founding Year: 2022
Company Description: Magna is building a platform to turn DeFi investments into financial primitives. Our first product is Carta for Web3, where companies can manage their cap tables and distribute their token equity to employees, advisors, or investors. We’re also building investor infrastructure for institutions to custody investments with on-chain execution and intelligence. Our ultimate goal is to use locked tokens as composable building blocks to power collateralized lending, liquid secondary markets, and other DeFi applications. Launching a token? Let's chat. Are you receiving tokens from your investments? We can also be helpful. What are our companies saying about the problem? > Having it all bundled together would make life easier. We have a million things to do. If you have an off-the-shelf thing, we’d use it. > This wouldn’t be a nice to have, it’d be a have to have. > Terrible process. We’re manually sending out transactions, going to solscan and manually check that they received our token. Takes hours every week. > Everything we do is potentially very dangerous. We have to check it thoroughly. I’ve spent several hours a day on this since launch. I imagine every month, it’ll take us at least 1-2 days. > Manual process every month for the ops team. They likely burn a week.... every month to pay out 150+ addresses.
Market: Fintech
Location: New York, NY, USA
Coinvestors: YCombinator