Magic Square Expands with TruePNL Acquisition
Binance’s web3 app store, Magic Square, acquired token platform TruePNL in a cash deal this week for an undisclosed sum. The deal brings TruePNL’s infrastructure (excluding branding & token) under Magic Square’s wing. Initially seeking a partnership, Magic Square opted for a full acquisition.
The acquisition stemmed from initial discussions about a white-label partnership for Magic Square’s upcoming staking and launchpad features. Instead, they opted for a full takeover, strategically acquiring TruePNL’s front- and back-end infrastructure.
Founded in 2021, Magic Square simplifies the discovery of web3 apps through its community-driven validation system. Users can earn rewards (SQR tokens) for interacting with the platform, boasting over 11 million tokens distributed to date. Magic Square has also listed over 1,100 apps and helped create over 3.6 million unique wallets, attracting investments from industry giants like Binance Labs and Huobi Global.
TruePNL, established in 2020, empowers projects to launch their tokens before reaching exchanges. Since its 2021 launchpad debut, it has facilitated over $6 million in funding for 62 projects. Its native token, PNL, boasts its own use cases, including staking for rewards and access to guaranteed allocations in token offerings.
Following the acquisition, TruePNL will maintain its independent operation and the PNL token’s functionalities will remain unchanged. Meanwhile, Magic Square’s SQR token is poised for enhanced utility with the introduction of staking and an in-house launchpad. Leveraging TruePNL’s code, Magic Square aims to offer flexible launchpad solutions tailored to individual project needs.
As part of the deal, TruePNL’s technical lead joins Magic Square, while the remaining team of 12 remains with TruePNL. This strategic move positions Magic Square to become a one-stop shop for web3 app discovery, staking, launching, and potentially more in the future.
