Business News Report
February 23, 2024

Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release

In Brief

Magic Square acquired TruePNL for an undisclosed sum to enhance its upcoming launchpad, set to debut later in Q1.

Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release

Web3 discovery and engagement platform Magic Square today announced the acquisition of a Singapore-based token launch platform TruePNL. The deal was completed for an undisclosed sum, and will be followed by the debut of Magic Square’s launchpad later in Q1.

“During our discussions with TruePNL, we saw an opportunity that led us to pursue an acquisition. This strategic move is perfectly aligned with our broader vision. By acquiring TruePNL, we are transforming from merely being a discovery platform to offering a comprehensive solution that encompasses discovery, user acquisition, retention, and engagement, and now, fundraising as well,” said Andrey Nayman, co-founder and CEO of Magic Square told MPost.

According to Magic Square, the incorporation of TruePNL will enhance the reliability of its upcoming launchpad and fast-track the introduction of additional utility to its $SQR token. This development is particularly significant for token holders and investors, indicating a potential uplift in token utility sooner than expected.

“Staking $SQR tokens will enable investors to earn allocation points, which in turn influences the magnitude of their allocation in launchpad sales—the more they stake, the greater their potential allocation. Additionally, staking $SQR will offer investors impressive APR rewards on their staked tokens, providing a compelling incentive for long-term holding and participation in our ecosystem,” added Nayman.

He explained that the company aims to create a launchpad that is not just developer-friendly but also flexible and custom-designed to meet the unique requirements of each project. This involves weaving the existing ecosystem features into the fabric of the launchpad, thereby integrating user acquisition and engagement directly into the fundraising journey.

“The decision-making process for each fundraising initiative will heavily rely on our community’s approval. They will play a crucial role in the due diligence process, actively participating in deciding which projects will be granted the opportunity to fundraise through our platform.”

Magic Square’s Rapid Expansion

Established in 2021, Magic Square operates as a cryptocurrency application store, offering users a centralized platform to explore various web3 applications. According to Nayman, the company has distributed over 11 million SQR tokens to users thus far.

CoinGecko data indicates that the current price of one SQR token stands at approximately $0.50, with a fully diluted valuation estimated at around $520 million.

The Magic Square community has shown tremendous enthusiasm and active participation in investment opportunities to date, highlighted by the success of the platform’s Initial DEX Offering (IDO) on DAOMaker. That event attracted over 21,000 KYC-registered users and commitments surpassing $22,000,000 – a staggering 27 times the initial allocation of $800,000 in the Public Offering.

With over 1,000 projects listed on the Magic Store and more joining daily, the potential for future IDOs is significant. This acquisition and the subsequent launch of the Magic Square launchpad are poised to unlock new opportunities for developers and investors, fostering a vibrant ecosystem of innovation and growth.

“We are nearing the final stages of the code audit for our staking feature, which is scheduled for release imminently, within the next few weeks. This development precedes the launch of our first launchpad sale, which is set to feature one of the most eagerly awaited projects of 2024, promising significant impact,” Magic Square’s Nayman told Metaverse Post.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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