Magic Square, a prominent participant in the Web3 arena, has made a noteworthy advancement by acquiring TruePNL. With this acquisition, Magic Square is making a calculated strategic move to increase its presence in the Web3 ecosystem.
With the support of well-known investors like Binance Labs, Magic Square has become a significant force in creating Web3 applications. TruePNL, a popular platform that provides investors and traders with cryptocurrency portfolio tracking and analytics services, has drawn notice for its creative approaches to the digital asset market.
Magic Square’s acquisition of TruePNL is evidence of the company’s dedication to offering users comprehensive and state-of-the-art solutions for navigating the intricacies of the cryptocurrency market. The decision was made when the Web3 industry expanded exponentially due to the growing uptake of decentralized technologies and the spread of blockchain-based apps.
In their recent statement, Magic Square says that acquiring TruePNL is advancing its goal of becoming a significant supplier of Web3 solutions that give consumers an easy-to-use interface for managing their digital assets and interacting with decentralized applications.
Magic Square Expresses Excitement Over Acquisition to Include More Features
While speaking about the acquisition, a spokesman from Magic Square, who released a statement via the official company’s social media platform, said they were excited to include TruePNL’s features into their platform.
Victor Oluoma from Coinxposure has explained that the potential for collaboration between the two businesses and their dedication to providing users with unmatched value by combining Magic Square and TruePNL’s combined knowledge and resources is a welcomed development.
On the other hand, Magic Square has shown more dedication to improving its customer base via augmented engagement after acquiring TruePNL. The company said it is ready to introduce new features, as seen on the reward by SQR’s staking Annual Percentage Rate (APR), made possible through the technical infrastructure made available by TruePNL.
Magic Square Redefine Web3 Usage To Introduce More Products
Magic Square says it is prepared to further establish itself as a major force in the Web3 market by acquiring TruePNL, providing customers with an extensive range of products and services that enable them to realize the full benefits of decentralized finance.
With the purchase of TruePNL, Magic Square has demonstrated its dedication to growing the Web3 ecosystem and giving customers the greatest tools possible for handling their digital assets. The company’s Web3 app has been dedicated to redefining the way users search and use web3 applications since its introduction in 2021.
The system was designed to use the same validation method managed by the community to ensure that only the best projects are displayed – hence building a formidable environment for users. Aside from Binance Labs, more investors have started to pick interest in Magic Store activities.
Crypto.com, and Huobi Global have also picked interest, with $11 million in total investment. However, Magic Square in 2022 was said to be valued at $75 million, a year and few months before the TruePNL acquisition.
Magic Square Founder Speaks, Explains the Progress
Users of this Web3 tool are expected to be rewarded Karma points redeemable at any time via a huge pool of SQR tokens. Both the entire Web3 structure incentives users get for participating, and the central role of the community in the development space are all structured into the web system.
Giving an account of the process, Andrey Nayman, the Magic Square founder and CEO, said that the acquisition agreement includes all TruePNL’s back and front backend infrastructures. This differs from the company’s website, entire brand, social media page and profiles, and TruePNL (PNL) token, which had previously agreed upon in the agreement.
According to Nayman, Magic Square has released more than 11 million units of SQR tokens into the market. Data from CoinGecko, as of press time, shows that a unit of SQR is traded at $0.50 with around $520 million in diluted valuation. Nayman also disclosed that Magic Square has listed over 1,100 apps and assisted in creating more than 3.6 million special wallets so far.