Key Points:
- Magic Square’s purchase of TruePNL underscores a strategic expansion, leveraging TruePNL’s token launch expertise for its web3 ecosystem.
- TruePNL’s acquisition allows it to operate independently while synergizing with Magic Square’s enhanced utility through SQR token staking.
- The integration of TruePNL’s technology into Magic Square’s platform signifies a collaborative effort to offer tailored solutions to crypto projects.
Magic Square, the prominent crypto app store backed by Binance Labs, has recently acquired TruePNL, a token launch platform, in a strategic move to enhance its offerings. The acquisition, solely financed with cash, marks a significant development in Magic Square’s journey.
Magic Square’s founder and CEO, Andrey Nayman, stated, “The acquisition was financed entirely with cash.” Nayman highlighted that the deal includes TruePNL’s entire front and backend infrastructure, excluding specific assets such as the brand name, domain, social media accounts, and the TruePNL token.
Initially, discussions between Magic Square and TruePNL revolved around exploring a white-label solution for upcoming platforms. However, these discussions culminated in the acquisition deal. Nayman confirmed, “The acquisition concluded this week, and there are no pending approvals.”
What is Magic Square
Founded in 2021, Magic Square serves as a comprehensive crypto app store, offering users access to various web3 applications in one centralized location. The platform operates on a community-driven validation system, ensuring that every project listed undergoes validation by the community before being included.
Users engaging with Magic Square are incentivized through its native SQR tokens. Nayman elaborated, “Users earn ‘Karma points’ for actions, with the potential to earn daily rewards from a 10,000 SQR rewards pool.” Additionally, users participating in the platform’s ad campaigns receive rewards.
Since its inception, Magic Square has listed over 1,100 apps and facilitated the creation of more than 3.6 million unique wallets. The platform has garnered support from prominent investors, including Binance Labs, Huobi Global, and Crypto.com, with a total funding of $11 million. Magic Square’s valuation stood at $75 million in 2022.
TruePNL’s Background
TruePNL, founded in 2020, operates as a token launch platform based in Singapore. The platform assists projects in listing their tokens before they hit crypto exchanges. TruePNL’s launchpad has facilitated the raising of over $6 million for 62 projects since its inception in 2021.
The acquisition ensures that TruePNL will continue to function as an independent platform, with its native PNL token retaining its current utilities. Vyacheslav Tyurdenev, TruePNL’s technical lead, has joined Magic Square, while the rest of the team will remain with TruePNL.
Regarding future plans, Nayman disclosed that Magic Square aims to introduce enhanced utility for the SQR token, including staking for APR rewards leveraging TruePNL’s code. Moreover, an in-house launchpad is on the horizon, tailored to cater to projects’ specific needs and objectives.
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