Magic Square rewards users with SQR tokens for participation, while TruePNL offers PNL tokens for engagement.
Magic Square, a web3 application marketplace sponsored by Binance Labs and other investors, acquired TruePNL, a token launch platform, for an undisclosed sum.
The CEO and proprietor of Magic Square, Andrey Nayman, declared:
“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.”
Nayman asserts that Magic Square and TruePNL engaged in discussions last month regarding the initial consideration of a white-label solution for the latter’s intended launchpad and staking platforms.
However, the transaction ultimately transpired as a result of those discussions. Additionally, he declared that the transaction had been finalized this week and that no approvals were still pending.
Founded in 2021, Magic Square is an app store for cryptocurrencies that offers users a centralized location to investigate a diverse range of Web3 applications. Nayman asserts that the establishment employs a “community-driven validation system,” whereby each project undergoes community approval before being showcased.
In exchange for their participation on the Magic Store platform, users earn SQR tokens. “As a result of their actions, users accumulate ‘Karma points,’ which can be redeemed daily for rewards from a pool of 10,000 SQR,” Nayman explained.
Additionally, he stated that customers who participate in the store’s advertising campaigns are awarded rewards.
Nayman asserts that Magic Square has distributed more than eleven million SQR tokens to its clientele. The current value of one SQR token, as reported by CoinGecko, is approximately $0.50. Its entirely diluted worth exceeds $520 million.
Since its inception, Magic Square has reportedly hosted more than 1,100 applications and contributed to the development of more than 3.6 million unique wallets. Several investors, including Huobi Global, Binance Labs, and Crypto.com, have supported Magic Store thus far, contributing $11 million.
Magic Square was valued at $75 million in 2022. Nayman stated that, even though the business is not yet profitable, advertising initiatives generate revenue.
TruePNL is a token launch platform headquartered in Singapore that supports projects seeking to publish their tokens on cryptocurrency exchanges before the tokens arrive.
The company was established in 2020. Russell Abdullin, the founder and chief executive officer of TruePNL, stated that the platform has helped 62 projects raise over $6 million since the debut of its launchpad in 2021.
CoinGecko statistics indicate that TruePNL also possesses its own cryptocurrency, PNL, which has an entirely diluted value of over $740,000 and is currently valued at approximately $0.025 per unit.
Users may lay PNL bets, earn APY payouts, and accumulate points on the TruePNL launchpad platform. Abdullin asserts that these points have the potential to be redeemed for guaranteed allocations in token offerings.
As part of the transaction, TruePNL will continue to operate as an independent platform, per Abdullin. Moreover, he stated that the PNL token would retain its current characteristics.
Future Developments for Magic Square
Regarding the SQR token issued by Magic Square, Nayman stated that staking and an internal launchpad would be implemented within the coming weeks, thereby enhancing its utility.
Nayman further stated:
“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.”
Abdullin states that Vyacheslav Tyurdenev, the technical director of TruePNL, has joined Magic Square following the terms of the agreement. The remaining twelve team members will continue to be employed by the company.