• Magic Sq. acquires TruePNL in a “money solely” transaction.
• This precedes the plans by Magic Sq. to open a brand new launchpad in March.
• TrtuePNL will stay utterly impartial following the acquisition.

Magic Sq., a community-driven crypto app that lists new Internet three apps, introduced the acquisition of TruePNL, a Internet three launchpad, in a cash-only deal, an announcement from the groups learn this Friday. The newest acquisition follows the profitable launch of Magic Sq.’s native token, $SQR,  in January, which attracted over 21,000 KYC registered customers on DAO Maker.

The acquisition, accomplished on a full money deal, will see Magic Sq. purchase TruePNL’s total frontend and backend infrastructure, excluding the model title, area, social media accounts, and the TruePNL (PNL) token, Andrey Nayman, founder and CEO of Magic Sq. said.

Magic Sq. was based in 2021, offering customers with data on the itemizing and progress of 1000’s of Internet three apps. As a community-driven utility, Magic Sq. permits its group to “vote and validate” the initiatives listed on it, to make sure solely working initiatives get an inventory. Since launch, the platform has listed over 1,000 Internet three initiatives on its retailer, unlocking a brand new marketplace for these early-stage initiatives.

Buying TruePNL is essential to extending Magic Sq.’s objectives of releasing its personal launchpad later this quarter. The corporate will use TruePNL’s code to create and enhance its launchpad, unlocking new monetary alternatives for the Magic Sq. group, builders, and buyers and including staking utility to the $SQR token.

“Utilizing the TruePNL code, Magic Sq. will introduce SQR staking for APR rewards,” Nayman mentioned within the announcement. “Our purpose is to supply initiatives with a extra versatile launchpad answer tailor-made to their particular wants and goals.”

Month-long talks to acquisition

Whereas the acquisition was introduced this Friday, Nayman confirmed the 2 firms have been in talks for the higher a part of the previous month. The preliminary plan was for Magic Sq. to discover a white-label answer for its upcoming staking and launchpad platform earlier than the acquisition deal was struck earlier within the week.

The deal is predicted to tremendously enhance Magic Sq.’s $SQR token, with TruePNL serving to within the technical infrastructure of constructing a staking and in-house launchpad within the coming weeks. On this regard, TruePNL’s technical lead, Vyacheslav Tyurdenev, will be a part of the Magic Sq. group, to help in constructing the 2 platforms.

Nonetheless, TruePNL will proceed its operations as an impartial firm, retaining its present utilities and token operations, in addition to its 12-member group other than Vyacheslav Tyurdenev.

Picture by Adam Radosavljevic from Pixabay