Magic Square Acquires TruePNL to Enhance its Web3 App Store
Magic Square, a web3 app store backed by Binance Labs and other investors, has acquired TruePNL, a token launch platform. The acquisition was funded with cash and includes TruePNLโs front and backend infrastructure. However, the brand name, domain, social media accounts, and TruePNL token are not part of the deal. The acquisition follows initial discussions between Magic Square and TruePNL for a white-label solution but evolved into a full acquisition.
What is Magic Square?
Magic Square is a crypto app store that centralizes various web3 apps. It utilizes a community-driven validation system where projects must be validated by the community before being listed. Users can earn rewards in SQR tokens for interacting with the platform, including daily rewards from a rewards pool and engagement with ad campaigns. Magic Square has distributed over 11 million SQR tokens to date.
What is TruePNL?
TruePNL is a Singapore-based token launch platform that helps projects list their tokens before they are available on crypto exchanges. It has raised over $6 million for 62 projects since launching its launchpad in 2021. TruePNL has its own token called PNL which can be staked for APY rewards and used to gain guaranteed allocations in token offerings on the platform.
The Deal
TruePNL will continue to operate independently after the acquisition, retaining all current utilities of its PNL token. Magic Square plans to enhance the utility of its SQR token by introducing staking and an in-house launchpad. The goal is to provide projects with a flexible launchpad solution tailored to their specific needs. Vyacheslav Tyurdenev, TruePNLโs technical lead, has joined Magic Square, while the rest of TruePNLโs team will remain with the firm.
Hot Take: Magic Square Expands its Crypto App Store with TruePNL Acquisition
Magic Squareโs acquisition of TruePNL strengthens its position as a leading web3 app store. By incorporating TruePNLโs token launch platform, Magic Square can offer a more comprehensive ecosystem for crypto enthusiasts. The addition of staking and an in-house launchpad enhances the utility of the SQR token, providing users with more opportunities to earn rewards. As Magic Square continues to grow and attract new projects, it solidifies its role as a trusted platform for discovering and engaging with web3 apps.
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