Binance Labs Leads $3 Million Seed Funding for Magic Square
Main takeaways:
- Binance Labs led a $3 million seed round for Magic Square.
- The investment will support Magic Square’s community growth, product development, and talent acquisition on an ongoing basis.
- Magic Square is a community-driven multi-chain crypto app store.
Binance Labs, the venture capital arm and accelerator of Binance, and Republic co-led the seed funding round of Magic Square, the first community-driven Web3 multi-chain crypto app store.
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 to 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.
Magic Square aspires to build a holistic ecosystem for developers and users to experience different worlds in blockchain by providing various product suites, including 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).
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.
Andrey Nayman, Magic Square’s CEO stated, “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.”
Mia Mai, Investment Director at Binance Labs, commented: "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."
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.