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Importantly, TruePNL will continue to function independently, ensuring continuity for its existing user base. The PNL token will retain its current utilities.
Following its successful SQR token launch earlier this year on DAOMaker, a move that attracted over 21,000 KYC registered participants, Magic Square, a Binance-backed Web3.0 store, has bought TruePNL, a token launch platform, for an undisclosed sum. This move sets the stage for the launch of a new launchpad later in Q1, promising exciting developments for both Magic Square and TruePNL communities.
TruePNL’s Acquisition Details and Implications
Andrey Nayman, the founder, and CEO of Magic Square, disclosed that the acquisition was solely financed with cash. As part of the deal, Magic Square has gained control over TruePNL’s entire front and backend infrastructure, except for the brand name, domain, social media accounts, and the TruePNL (PNL) token.
Initially conceived as discussions for a white-label solution, talks between Magic Square and TruePNL swiftly expanded into a full-fledged acquisition. Nayman stated that the deal concluded seamlessly this week, with no pending approvals.
This strategic move holds promises for both Magic Square and TruePNL. With over 1,000 projects already listed on the Magic Square store, integrating early-stage investment opportunities through a launchpad will unlock new financial avenues for the Magic Square community, developers, and investors, while strengthening the utility of the SQR token.
Importantly, TruePNL will continue to function independently, ensuring continuity for its existing user base. Additionally, the PNL token will retain its current utilities, as affirmed by Russell Abdullin, the CEO of TruePNL.
Looking ahead, Nayman highlighted that the SQR token will experience enhanced utility with the introduction of staking and an in-house launchpad. Staking mechanisms will be introduced by leveraging TruePNL’s codebase, offering APR rewards to token holders. Moreover, the in-house launchpad aims to provide a more flexible solution tailored to the needs of projects seeking token offerings.
With the acquisition, Magic Square has also welcomed Vyacheslav Tyurdenev, TruePNL’s technical lead, into its team, ensuring a seamless transition of expertise. The majority of TruePNL’s team members will remain with the firm, indicating continuity and stability in operations.
The Financial Ecosystem of Magic Square and TruePNL
Since its inception, Magic Square has facilitated the creation of more than 3.6 million unique wallets. The company’s strategic partnerships with industry giants such as Binance Labs, Huobi Global, and Crypto.com highlight investor confidence in its growth trajectory.
Despite not yet achieving profitability, Magic Square has raised a total of $11 million in funding and was valued at $75 million in 2022. The integration of TruePNL’s assets positions Magic Square for further growth and expansion, consolidating its position as a leading player in the crypto ecosystem.
Similarly, TruePNL, founded in 2020, has gained recognition for its token launch platform, which has facilitated fundraising efforts for a variety of projects since its start. TruePNL’s track record, which includes over $6 million raised for 62 projects, speaks volumes about its effectiveness and dependability in the crypto community.
