Magic Square is pleased to announce the firm successfully sealed the $3M seed round investments with an evaluation of $30M, led by Binance Labs and Republic Capital, and include other investors such as GSR, DAO Maker, KuCoin Labs, IQ Labs, Gravity Ventures, Alpha Grep, and angel investors.
“Magic Square is here to transform the current landscape of the crypto industry by providing an user-centric product along with a full spectrum of resources and support for developers. The initial investment would accelerate the growth of not just Magic Square, but the Web3 space as a whole,” said Andrey Nayman, CEO of Magic Square.
Magic Square is the world’s first Web3 solution that simplifies crypto, conceptualising the beauty of an App Store. Users can discover dApps, Games, CeDeFi, NFTs, and more in one place with an intuitive design.
The seed round of funding supports Magic Square’s growth strategy to scale up user acquisition significantly, and enhance product development and team expansion.
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."
“Republic Capital seeks to pursue the perfect meld between infrastructure technology robust enough to stand the test of time while also reaching a broad retail audience for mass adoption. We see Magic Square as an excellent place for the entire dApp industry to gain exposure, enhance discoverability, and absorb dApp users to create an industry-wide super-user base, with the ability to earn stable coins via engagement creates a dominant use-case for user incentives, rewards, and stickiness.” said Andrew Durgee, Managing Partner of Republic Capital
The Magical possibilities that go beyond
Magic Square builds a decentralized environment with highest accessibility for developers and users to enjoy the best of blockchains.
MagicID is the entry point into the Magic Store, enabling users to securely log in to all of their apps in one single tap. The Magic Store is driven by the Magic Community consisting of supporters and developers that are rewarded SQR tokens for their contribution, collaboration and engagement through a DAO mechanism. Applications are required to be validated by the Magic Community to ensure the quality at its highest on the platform.
"We are delighted to join Magic Square and explore more Web3 solutions for all, which provides an easy-to-use platform to step into the Crypto world. With its unique community-driven mechanism, there will be more and more qualified Dapps that will be listed in Magic Square and deployed in Web3," Jonathan Zhong, Lead researcher of KuCoin Labs commented.
Christoph Zaknun, Chief Executive Officer at DAO Maker, commented: “DAO Maker is delighted about this cooperation with Magic Square and how it will sculpt the future of web3. We do believe in prime movers and see great potential in this first Crypto App Store”.
The Magic toolbox for growth & traffic
Magic Affiliates is a first of its kind in the Affiliate World, and the crypto space in particular. It is well positioned to provide aspiring projects with the opportunity to generate more traction for their products by rewarding those who take part in it similar to a referral program. From incentives to promotional offers, developers are enabled to connect with their audience to drive traffic and user acquisition further for their unique project. The program allows affiliates to choose from a list of offers and get paid automatically via smart contracts on completion of an offer, without any delay.
“The Magic Affiliates Network opens magical doors for businesses to expand and succeed. It simplifies marketing efforts for every project while amplifying the results,” Nate Holtzman, Director of Partnerships and Head of Magic Affiliates commented.
The future with Magic
Magic Square is on a mission to build the most user-driven product for crypto users and developers. In preparation to officially launch its closed beta, the team has begun the verification process for App listing.
“We believe in the future of Web3. Magic Square envisions a crypto world that puts users first. When you enter the Magic Spaces, you will see the beauty of a personalized crypto space. The team is speeding up on rolling out the Magic Store to the world after beta. Currently, we are in discussion with many leading projects to complete the Magic Ecosystem, ” stated Michael Landsberger, COO of Magic Square.
The public beta will be open to the 60,000 pre-registered users after. The team plans to introduce additional features and functionalities after the official release.
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