TruePNL, a platform for launching tokens, was purchased by Magic Square, a web3 app store supported by Binance Labs and other investors, for an amount not disclosed.
According to Magic Square CEO and founder Andrey Nayman, “the acquisition was financed entirely with cash.” According to Nayman, Magic Square has purchased the whole front and backend infrastructure of TruePNL as part of the agreement, “excluding the brand name, domain, social media accounts, and the TruePNL (PNL) token.”
Speaking with TruePNL about a white-label option for its planned staking and launchpad platforms, Magic Square started talks with them last month, but those talks ultimately resulted in the contract, according to Nayman. According to him, the acquisition “concluded this week, and there are no pending approvals.”
Magic Square, a cryptocurrency app shop founded in 2021, provides consumers with a single location to discover a variety of web3 apps. According to Nayman, the store uses a “community-driven validation system,” which means that before to being featured, each project must be approved by the community.
TruPNL is a Singapore-based token launch platform that assists projects with listing their tokens before their arrival on cryptocurrency exchanges. It was founded in 2020. According to founder and CEO Russell Abdullin, TruePNL has assisted in raising more than $6 million for 62 projects since releasing its launchpad in 2021.
As per Abdullin, TruePNL will carry on as an independent platform as part of the transaction. He also said that the PNL token will keep all of its current features.
Regarding Magic Square’s SQR token, Nayman stated that in the upcoming weeks, staking and an internal launchpad will be added, improving its usefulness.
“Using the TruePNL code, Magic Square will introduce SQR staking for APR rewards,” he stated. “Our goal is to provide projects with a more flexible launchpad solution tailored to their specific needs and objectives,” Nayman stated on the internal launchpad.
Vyacheslav Tyurdenev, the technical lead for TruePNL, joined Magic Square as part of the agreement, while the remaining 12 members of the team will continue to work for the company, according to Abdullin.
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