Magic Square Strategic Funding
Magic Square strategic funding raised $3M and received investment from Binance Labs. Binance Labs is the venture capital arm and accelerator of Binance, the largest and top leading cryptocurrency exchange in the world.
Magic Square provides Web3 solutions to make crypto more accessible for all. Users can discover and experience various dapps, CeFi and DeFi, NFTs, Games, and much more in one single space.
The project will use the proceeds for hyper-scale user acquisition growth, product development, and team expansion. Magic Square is preparing to officially launch its closed beta soon while processing verifications for app listing. Soon after, the public beta will be open to the 50,000 pre-registered users.
WHAT DOES MAGIC SQUARE HAVE TO OFFER
Magic Square aspires to build a holistic ecosystem for developers and users. Makes them experience different worlds in blockchain by providing various product suites. It includes the Magic Store, MagicID, Magic Community, and Magic Affiliates.
The Magic Store is a Web3 solution where the community vets, ranks, and prioritizes the apps through a DAO mechanism, with clear earning metrics and SQR token rewards to incentivize the participation of validators, creators, and users. Users would be able to access all of the community vetted content with one click using the MagicID (Decentralized ID).
MAGIC SQUARE REFERRAL PROGRAM
Also, the Magic Affiliates referral program offers aspiring projects the chance to generate more traction from the store and network of partners. Simply put, project owners will only have to pay when visitors convert based on their desired criteria.
“The initial investment led by Binance Labs enables further expansion of our capabilities. It also validates our strong belief of making crypto available, accessible, and most importantly, user-friendly to everyone.” — Andrey Nayman, Magic Square’s CEO
“Binance Labs sees the potential in Magic Square, especially in its user-friendly designs and business model as a Web3 dapp store. We believe that the product suites that Magic Square supports, such as Magic ID, Magic Store, Magic Community, and Magic Affiliates can potentially be driving forces of Web3 ecosystem mass adoption and implementation.”— Mia Mai, Investment Director at Binance Labs
The seed round is co-led by Republic Capital and also includes strategic partners, such as KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep, and angel investors.
ABOUT Magic Square
Magic Square is the world’s first Web3 solution to simplify Crypto. Conceptualizing the beauty of an App Store with a built-in DAO mechanism. It also creates a highly secure and accessible environment for all dApps, CeDeFi, NFTs, Games, etc.
ABOUT Binance Labs
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities. It provides financing to industry projects that help grow the wider blockchain ecosystem. Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web.
RESOURCES
Binance Blog
