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, DAOMaker 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.
