Magic Square Buys True PNL, Strengthens Web3.0 Ecosystem

Magic Square acquisition platform launchpad. (Photo; Doc. Cryptoknowmics)

JAKARTA - Magic Square, a Web3.0 app store backed by Binance, acquired TruePNL, a token launch platform (launchpad), with an undisclosed value. This acquisition is a strategic step to expand Magic Square services and capabilities, while promising exciting developments for Magic Square and TruePL communities.

Andrey Nayman, founder and CEO of Magic Square, said that this acquisition was made with cash payments. Thus, Magic Square gains full access to all TruePNL technical infrastructure, except brands, domains, social media accounts, and TruePNL tokens (PNL).

This acquisition stems from discussions about other solutions, which later developed into a bigger deal. Nayman stated that this acquisition was completed quickly and smoothly this week, without any obstacles.

With this acquisition, Magic Square plans to integrate its early investment opportunities through an internal launch pad, which will open up new opportunities for the Magic Square community, developers, and investors. In addition, this acquisition will also increase the utility of the SQR token, which is the original token of Magic Square.

Nevertheless, True PNL will continue to operate independently, so as not to interfere with existing user services and experiences. The PNL token will also still have its current functions and benefits, as emphasized by Russell Abdullin, CEO of TruePL.

Going forward, Nayman stressed that the SQR token will have additional features, namely staking and launch pads. Staking mechanism will use the TruePNL source code, which will reward APR for token holders. The launch runway will provide a more flexible and customized solution to the needs of projects that want to launch tokens.

In addition, Magic Square also welcomes Vyacheslav Tyurdenev, TruePNL's technical leader, to his team, to ensure a smooth transition. Most members of the TruePNL team will also continue to work with Magic Square, demonstrating the viability and stability of operations.