Magic Square Acquires TruePNL: A New Era for Launchpad Platforms

Magic Square, a crypto infrastructure and wallet service provider, has fully acquired TruePNL, a token launchpad.

Magic Square Keeps Climbing with TruePNL Purchase

📢 Breaking News: Magic Square, the Binance-backed Web3.0 store, has made a significant move in the world of token launches by acquiring TruePNL, a leading token launch platform. This strategic acquisition sets the stage for the launch of an exciting new launchpad later this quarter. Both the Magic Square and TruePNL communities can look forward to groundbreaking developments and opportunities. 💥

🤝 TruePNL’s Acquisition Details and Implications

Andrey Nayman, the founder and CEO of Magic Square, made it clear that the acquisition was entirely financed with cash. As part of the deal, Magic Square has gained control over TruePNL’s entire front and backend infrastructure, excluding the brand name, domain, social media accounts, and the TruePNL (PNL) token.

Initially, discussions between Magic Square and TruePNL revolved around a white-label solution. However, these talks quickly evolved into a full-fledged acquisition. Nayman revealed that the deal was concluded seamlessly, without any pending approvals. The acquisition holds great potential 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. At the same time, the utility of the SQR token will be strengthened, fueling further growth and prosperity.

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Importantly, TruePNL will continue to operate independently, ensuring continuity for its existing user base. The CEO of TruePNL, Russell Abdullin, has affirmed that the PNL token will retain its current utilities. So, rest assured, TruePNL users, this acquisition does not mean significant changes for you.

Looking ahead, Nayman emphasized that the SQR token will see enhanced utility with the introduction of staking and an in-house launchpad. Staking mechanisms, leveraging TruePNL’s codebase, will offer attractive APR rewards for token holders. Additionally, the in-house launchpad aims to provide more flexibility and tailored solutions for projects seeking token offerings.

To ensure a seamless transition of expertise, Magic Square has welcomed Vyacheslav Tyurdenev, TruePNL’s technical lead, into its team. This integration will further strengthen Magic Square’s foundation of knowledge and innovation. The majority of the TruePNL team members will also join Magic Square, ensuring continuity and stability in operations.

💰 The Financial Ecosystem of Magic Square and TruePNL

Magic Square, since its inception, has facilitated the creation of more than 3.6 million unique wallets. Its strategic partnerships with industry giants such as Binance Labs, Huobi Global, and Crypto.com highlight the confidence investors have in its growth trajectory. While Magic Square hasn’t achieved profitability yet, it has already raised a total of $11 million in funding and was valued at $75 million in 2022.

TruePNL, founded in 2020, has gained recognition for its token launch platform, which has successfully facilitated fundraising efforts for numerous projects. TruePNL’s track record boasts over $6 million raised for 62 projects, proving its effectiveness and dependability within the crypto community.

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🙋‍♀️ Q&A: Addressing Your Concerns and Curiosity

1. What does the acquisition of TruePNL by Magic Square mean for current TruePNL users?

Rest assured, TruePNL will continue to function independently, ensuring continuity for its existing user base. The acquisition primarily focuses on expanding the capabilities and offerings of Magic Square through the integration of TruePNL’s advanced technology and expertise. Therefore, current TruePNL users should not anticipate any major disruptions or changes to their experience.

2. Can we expect any changes to the TruePNL token (PNL) following the acquisition?

According to Russell Abdullin, the CEO of TruePNL, the PNL token will retain its current utilities. This means that the token’s functions and use cases will remain unchanged. Magic Square’s acquisition of TruePNL aims to enhance the overall utility and value of both platforms, ultimately benefiting the users and the broader crypto community.

3. How will the SQR token benefit from the acquisition of TruePNL?

The acquisition will lead to the introduction of new features and utilities for the SQR token. Magic Square plans to leverage TruePNL’s codebase to introduce staking mechanisms, which will provide APR rewards to token holders. Additionally, an in-house launchpad will be established, offering more flexibility and tailored solutions for projects seeking token offerings. These developments will further solidify the SQR token’s value proposition and strengthen its role in the Magic Square ecosystem.

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🌐 Further Reading and References

To delve deeper into the exciting world of blockchain technology, token launches, and the current crypto landscape, check out the following resources:

1. Magic Square Official Website
2. TruePNL Official Website
3. Binance Labs
4. Huobi Global
5. Crypto.com

Remember to follow us on social media and share this article with your friends. Let’s spread the news and continue the conversation about the future of blockchain and digital assets! 🚀✨

Note: The content of this article is for informational purposes only and should not be considered investment advice. Always conduct thorough research and seek professional guidance when making financial decisions.

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