Magic Square, a web3 app store that allows users to discover different web3 apps in one place, has acquired TruePNL, a token launch platform, for an undisclosed amount. The acquisition was made entirely using cash, according to Andrey Nayman, Magic Square’s founder and CEO. As part of the deal, Magic Square has acquired TruePNL’s entire front and backend infrastructure, except for the brand name, domain, social media accounts, and the TruePNL (PNL) token.
Magic Square had initially started talks with TruePNL to explore a white-label solution for its upcoming staking and launchpad platforms, but the discussions led to the acquisition. The deal was concluded this week and did not require any pending approvals.
Magic Square employs a “community-driven validation system,” which means that the community must validate every project before being listed on the platform. Users can earn ‘Karma points’ for actions and potentially earn daily rewards from a 10,000 SQR rewards pool. The platform also rewards users who engage with its ad campaigns. Since its launch, Magic Square has listed more than 1,100 apps and helped create over 3.6 million unique wallets. The platform is not yet profitable but generates revenue through ad campaigns.
TruePNL is a token launch platform that helps projects list their tokens before they hit crypto exchanges. Since releasing its launchpad in 2021, TruePNL has helped raise more than $6 million for 62 projects. Users can stake PNL, get APY rewards, and earn points, which can be spent on guaranteed allocations in token offerings on the TruePNL launchpad platform.
As part of the acquisition, TruePNL will continue to operate as an independent platform, and the PNL token will retain all its current utilities. Vyacheslav Tyurdenev, TruePNL’s technical lead, has joined Magic Square, while the remaining team members will stay with TruePNL. Magic Square’s SQR token will have enhanced utility with the introduction of staking and an in-house launchpad in the coming weeks.