Magic Square Raises $3 Million in Binance-Led Seed Funding Round


Binance’s venture capital arm, Binance Labs and Republic Capital together co-led a $3 million seed  funding round  of Magic Square, which is a community-driven multi-chain crypto app store.

Other participants in the funding round include KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep and angel investors.

Magic Square is developing an app store by integrating community-vetted crypto apps, NFTs and DeFi solutions into Magic Store apps and GameFi. It will provide a Magic Framework for the development of crypto apps and widgets, and a community will curate the apps to be listed on Magic Store.

“The initial investment led by Binance Labs enables further expansion of our capabilities,” said Magic Square’s CEO, Andrey Nayman. “It also validates our strong belief of making crypto available, accessible and, most importantly, user-friendly to everyone.”

Upcoming Beta Launch

The platform opened the waitlist signups for its beta launch earlier this year. Though there is no set timeline yet, it mentioned that the closed beta launch is going to happen soon which will be followed by a public beta launch.

“Binance Labs sees the potential in Magic Square, especially in its user-friendly designs and business model as a Web3 dapp store,” added Mia Mai, Binance Labs’ Investment Director.

“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.”

Meanwhile, giants like Binance are betting big on early-stage startups. Last month, Binance Labs raised $500 million for its investment fund to back companies working in Web3 and  blockchain  technologies.

Binance’s venture capital arm, Binance Labs and Republic Capital together co-led a $3 million seed  funding round  of Magic Square, which is a community-driven multi-chain crypto app store.

Other participants in the funding round include KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep and angel investors.

Magic Square is developing an app store by integrating community-vetted crypto apps, NFTs and DeFi solutions into Magic Store apps and GameFi. It will provide a Magic Framework for the development of crypto apps and widgets, and a community will curate the apps to be listed on Magic Store.

“The initial investment led by Binance Labs enables further expansion of our capabilities,” said Magic Square’s CEO, Andrey Nayman. “It also validates our strong belief of making crypto available, accessible and, most importantly, user-friendly to everyone.”

Upcoming Beta Launch

The platform opened the waitlist signups for its beta launch earlier this year. Though there is no set timeline yet, it mentioned that the closed beta launch is going to happen soon which will be followed by a public beta launch.

“Binance Labs sees the potential in Magic Square, especially in its user-friendly designs and business model as a Web3 dapp store,” added Mia Mai, Binance Labs’ Investment Director.

“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.”

Meanwhile, giants like Binance are betting big on early-stage startups. Last month, Binance Labs raised $500 million for its investment fund to back companies working in Web3 and  blockchain  technologies.



Source link

Related articles

VICI Properties: A Prime REIT For 2025 (NYSE:VICI)

This text was written byComply withA monetary researcher and avid investor with a eager eye for innovation and disruption, in addition to progress buy-outs and worth shares. Maintaining a tally of the tempo...

Asia FX weakens as price jitters increase greenback; yen steadies on intervention discuss By Investing.com

Investing.com-- Most Asian currencies drifted decrease on Wednesday as rising bets on a slower tempo of U.S. rate of interest cuts supported the greenback, whereas the Japanese yen steadied as authorities officers warned...

Microsoft is combining ‘the very best of Xbox and Home windows collectively’ for handhelds

Xbox chief Phil Spencer has been dropping hints about an Xbox handheld for months, however what about Home windows handheld gaming PCs? Jason Ronald, Microsoft’s VP of “Subsequent Era,” tells The Verge that...

China's State Planner to develop the scope to implement two new insurance policies

China's Nationwide Improvement and Reform Fee of the Folks's Republic of China (NDRC):This 12 months, we'll enhance efforts and develop the scope to implement two new insurance policies.We are going to proceed...

Vitalik Buterin champions decentralized protection towards AI dangers

Ethereum co-founder Vitalik Buterin’s newest weblog publish displays on the progress of decentralized and democratic differential defensive acceleration, or d/acc — one yr after its introduction.Buterin emphasised the necessity for warning in AI...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com