Binance’s venture capital arm, Binance Labs, recently led a $3 million seed funding for Magic Square, the first community-based, multi-chain Web3 crypto app store. This investment is intended to support Magic Square community growth, product development, and talent acquisition.
A portion of the initial funding proceeds will be used to accelerate the exponential growth of Magic Square user acquisitions. In addition, the new capital will directly benefit the product development and expansion of the platform team.
Alongside Binance Labs, growth-stage investment advisory platform Web3 Republic Capital is co-leading the seed funding. Other strategic partners include KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep and several angel investors.
Binance Labs and Magic Square executives comment on seed funding initiative
Commenting on Binance Labs‘ involvement in Magic Square, Mia Mai, Investment Director of Binance Accelerator, said:
“Binance Labs sees potential in Magic Square, particularly in its user-friendly design and business model as a Web3 dapp store.”
In addition, May also expressed confidence in the potential of Magic Square’s offering as a potential vehicle for Web3 adoption. As Binance Labs’ Chief Investment Officer said:
“We believe that the product ranges that Magic Square supports such as Magic ID, Magic Store, Magic Community, and Magic Affiliate can be potential drivers for mass adoption and deployment of the Web3 ecosystem.”
Andrei Naiman, CEO of Magic Square, also spoke about Binance Labs’ leading role in the seed funding round. According to him, Binance Labs’ investment efforts blend well with Magic Square’s operating program. As Nyman said:
“The initial investment led by Binance Labs allows us to further expand our capabilities. It also validates our strong belief that cryptocurrencies are available, accessible, and most importantly, easy to use for all.”
Magic Square is a provider of Web3 solutions designed to make crypto more accessible to a much wider range of end users. Under the platform umbrella, users are dedicated to discovering and experiencing many blockchain-oriented applications and properties. These include decentralized applications (dApps), centralized finance (CeFi), decentralized finance (DeFi), non-exchangeable tokens (NFT) and endemic games to name a few.
Magic Square plans to launch a closed beta soon, after which the public beta will be open to 50,000 pre-registered users. While there is no exact timetable for the beta launch, the platform opened a waiting list for registrations earlier this year.
In early June, Binance Labs also made another strategic investment in decentralized exchange (DEX) PancakeSwap. At that time, the announcement raised the price of PancakeSwap’s original CAKE by 10%. Additionally, Binance Labs said it is making investments to facilitate the next wave of global technology adoption.
PancakeSwap is one of more than 1,300 active dApps across various categories built on the Binance BNB Chain blockchain network. The platform was launched in September 2020 and is currently the largest dApp in the BNB chain.