Web3 app platform Magic Square has acquired TruePNL, a token launch business.
As TruePNL CEO Russell Abdullin said, thanks to TruePNL’s technological and product resources, the MagicSquare team plans to create “a leader among launchpad platforms and the staking segment.”
“In turn, thanks to a strategic partnership with MagicSquare and their huge audience, we plan to launch joint sales of Tier1 projects in the new bull cycle, which will increase the value of native PNL and SQR tokens,” he noted.
The TruePNL platform was founded in 2020 in Singapore. It is intended for placement of tokens prior to listing on crypto exchanges. Since its launch, the platform has helped raise more than $6 million for 62 projects, Abdullin told The Block.
According to TruePNL CEO, platform users can earn points for various activities. Subsequently, they can be exchanged for the allocation of one of the projects. As part of the acquisition, TruePNL will continue to operate as an independent platform, and the PNL token will retain its current functions, Abdullin added.
According to The Block, TruePNL technical director Vyacheslav Tyurdenev has joined Magic Square. The rest of the 12-person team will continue to work as before.
Magic Square founder and CEO Andrey Naiman said that the Web3 platform has acquired the entire front-end and server infrastructure of TruePNL, “with the exception of the brand, domain, social media accounts and PNL token.” However, the cost of the transaction is not disclosed.
The Magic Square project was founded in 2021. It rewards users with SQR tokens for interacting with the platform. Since its launch, the store has hosted more than 1,100 apps and helped create more than 3.6 million unique wallets, Nyman said.
Magic Store is backed by several investors, including Binance Labs, Huobi Global and Crypto.com. The total funding amounted to $11 million, the source claims.
