- Magic Square acquires TruePNL in a “cash only” transaction.
- This precedes the plans by Magic Square to open a new launchpad in March.
- TrtuePNL will remain completely independent following the acquisition.
Magic Square, a community-driven crypto app that lists new Web 3 apps, announced the acquisition of TruePNL, a Web 3 launchpad, in a cash-only deal, a statement from the teams read this Friday. The latest acquisition follows the successful launch of Magic Square’s native token, $SQR, in January, which attracted over 21,000 KYC registered users on DAO Maker.
The acquisition, completed on a full cash deal, will see Magic Square acquire TruePNL’s entire frontend and backend infrastructure, excluding the brand name, domain, social media accounts, and the TruePNL (PNL) token, Andrey Nayman, founder and CEO of Magic Square stated.
Magic Square was founded in 2021, providing users with information on the listing and progress of thousands of Web 3 apps. As a community-driven application, Magic Square allows its community to “vote and validate” the projects listed on it, to ensure only working projects get a listing. Since launch, the platform has listed over 1,000 Web 3 projects on its store, unlocking a new market for these early-stage projects.
Acquiring TruePNL is crucial to extending Magic Square’s goals of releasing its own launchpad later this quarter. The company will use TruePNL’s code to create and improve its launchpad, unlocking new financial opportunities for the Magic Square community, developers, and investors and adding staking utility to the $SQR token.
“Using the TruePNL code, Magic Square will introduce SQR staking for APR rewards,” Nayman said in the announcement. “Our goal is to provide projects with a more flexible launchpad solution tailored to their specific needs and objectives.”
Month-long talks to acquisition
While the acquisition was announced this Friday, Nayman confirmed the two companies have been in talks for the better part of the past month. The initial plan was for Magic Square to explore a white-label solution for its upcoming staking and launchpad platform before the acquisition deal was struck earlier in the week.
The deal is expected to greatly boost Magic Square’s $SQR token, with TruePNL helping in the technical infrastructure of building a staking and in-house launchpad in the coming weeks. In this regard, TruePNL’s technical lead, Vyacheslav Tyurdenev, will join the Magic Square team, to assist in building the two platforms.
Nonetheless, TruePNL will continue its operations as an independent company, retaining its current utilities and token operations, as well as its 12-member team apart from Vyacheslav Tyurdenev.
Image by Adam Radosavljevic from Pixabay