Crypto App Store Magic Square Acquires TruePNL Amidst Its Launchpad Release

The Binance-backed Web 3 app is set to acquire all assets from TruePNL including its frontend, backend and technical codebase. 

In an announcement this Friday, Magic Square, the community-run crypto app store for Web 3 apps, has acquired TruePNL’s assets. The acquisition follows the successful launch of the $SQR token, Magic Square’s native token, this January on DAO Maker. Backed by some of crypto’s largest companies including Binance, Crypto.com and Huobi Global, Magic Square will acquire TruePNL’s assets including its frontend, backend and launchpad code. 

According to the team’s statement, the acquisition was done in a fully-cash deal for an undisclosed sum aiming to grow its portfolio. Speaking to The Block on the acquisition,  Andrey Nayman, founder and CEO of Magic Square, stated his company will acquire rights to TruePNL’s entire front and backend infrastructure, “excluding the brand name, domain, social media accounts, and the token.”

In addition, Magic Square will use TruePNL assets and codebase to create and improve its upcoming launchpad, set to launch in March 2024. The platform has already listed over 1,100 Web 3 apps in its store and expects more early-stage decentralized apps (DApps) to be released on its launchpad once built. This will provide developers with investment opportunities and unlock new financial opportunities for the Magic Square community. Notwithstanding, Magic Square will also leverage TruePNL’s codebase to bring novel utilities such as staking to its $SQR token.

“Using the TruePNL code, Magic Square will introduce SQR staking for APR rewards,” stated Nayman. “Our goal is to provide projects with a more flexible launchpad solution tailored to their specific needs and objectives.”

Getting the most of the TruePNL platform

TruePNL launched in 2021, offering users a token launch platform (Launchpad) to help Web 3 projects raise capital before hitting the mainstream centralized and decentralized exchanges. According to its founder and CEO, Russell Abdullin, the launchpad has helped raise over $6 million for 62 Web 3 projects, since its launch. 

TruePNL also provides users with staking opportunities of its $PNL native token, rewarding users with high APYs and points which can be spent for guaranteed allocations in token offerings on the TruePNL launchpad platform. 

While the acquisition became official this Friday, the two firms have been in constant talks over the past month. However, initial talks pointed to Magic Square aiming to license a white-label solution for its upcoming staking and launchpad platforms before deciding to outrightly buy TruePNL assets.