thenewscrypto.com
For an unknown amount, Magic Square, a web3 app store that is backed by Binance Labs and other investors, purchased TruePNL, a token launch platform.
Andrey Nayman, founder and CEO of Magic Square, stated:
“The acquisition was financed entirely with cash. As part of the deal, Magic Square has acquired TruePNL’s entire front and backend infrastructure, Nayman said, but “excluding the brand name, domain, social media accounts, and the TruePNL (PNL) token.”
According to Nayman, Magic Square had negotiations with TruePNL last month about first exploring a white-label solution for its planned launchpad and staking platforms, but those talks ultimately resulted in the transaction. He further said that the transaction “concluded this week, and there are no pending approvals.”
What is Magic Square?
Magic Square, a cryptocurrency app store founded in 2021, provides consumers with a single place to explore a variety of web3 applications. According to Nayman, the shop uses a “community-driven validation system,” which means that before to being featured, each project must be approved by the community.
Users that engage with the Magic Store platform are rewarded with SQR tokens. “Users earn ‘Karma points’ for actions, with the potential to earn daily rewards from a 10,000 SQR rewards pool,” Nayman said. He also said that users who interact with the store’s advertising initiatives get rewards.
According to Nayman, Magic Square has given out more than 11 million SQR tokens to customers thus far. According to CoinGecko statistics, the price of one SQR token is now about $0.50, with a fully diluted worth of over $520 million.
According to Nayman, Magic Square has featured over 1,100 applications since its start and has contributed to the creation of over 3.6 million unique wallets. With $11 million in investment secured thus far, Magic Store is backed by a number of investors, including Binance Labs, Huobi Global, and Crypto.com. In 2022, Magic Square had a $75 million valuation. Although the company is not yet profitable, Nayman said that advertising initiatives bring in money.
What is TruePNL?
TruePNL is a Singapore-based token launch platform that assists projects with listing their tokens prior to their arrival on cryptocurrency exchanges. It was founded in 2020. Russell Abdullin, the founder and CEO of TruePNL, told that since launching its launchpad in 2021, the platform has assisted in raising more than $6 million for 62 projects.
According to CoinGecko statistics, TruePNL also has its own cryptocurrency, PNL, which is now valued at around $0.025 per unit and has a fully diluted worth of over $740,000. On the TruePNL launchpad platform, users may stake PNL, get APY payouts, and accrue points. These points can subsequently be used to purchase guaranteed allocations in token offerings, according to Abdullin.
The Arrangement
According to Abdullin, TruePNL will go on as an independent platform as part of the transaction. He also said that the PNL token would keep all of its present features.
Regarding Magic Square’s SQR token, Nayman said that in the next weeks, staking and an in-house launchpad would be added, improving its usefulness.
Nayman added:
“Using the TruePNL code, Magic Square will introduce SQR staking for APR rewards. For the in-house launchpad, “Our goal is to provide projects with a more flexible launchpad solution tailored to their specific needs and objectives.”
Vyacheslav Tyurdenev, the technical head for TruePNL, joined Magic Square as part of the agreement, while the other 12 members of the team will continue to work for the company, according to Abdullin.