Binance Labs Spearheads $3 Million Seed Funding for Magic Square

UTC by Tolu Ajiboye · 3 min read
Binance Labs Spearheads $3 Million Seed Funding for Magic Square
Photo: Depositphotos

Binance Labs’ involvement in raising new capital for Magic Square will help the platform grow and also facilitate global Web3 adoption.

Binance‘s venture capital arm Binance Labs recently co-led a $3 million seed funding for Magic Square, the first community-based Web3 multi-chain crypto app store. The investment will go towards promoting Magic Square’s community growth, product development, and talent acquisition.

Some of the seed funding proceeds will be channeled towards the exponential acceleration of Magic Square’s user acquisition growth. In addition, the fresh capital will directly benefit the platform’s product development and team expansion.

Co-leading the seed funding alongside Binance Labs is fellow growth stage Web3 investment advisory platform Republic Capital. Other strategic partners include KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep, and several angel investors.

Binance Labs, Magic Square Executives Comment on Seed Funding Initiative

Commenting on Binance Labs’ involvement with Magic Square, the Binance accelerator’s Investment Director Mia Mai said:

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

In addition, Mai also expressed faith in the potential of Magic Square’s offerings as potential enablers of Web3 adoption. In the words of the 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.”

Magic Square’s Chief Executive Officer Andrey Nayman also discussed Binance Labs’ leading role in the seed funding round. In his opinion, the investment efforts of Binance Labs combine well with Magic Square’s operational agenda. As Nayman put it:

“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.”

Magic Square is a provider of Web3 solutions engineered to make crypto more accessible to a much broader spectrum of end-users. Under the platform’s umbrella, users are privy to discovering and experiencing many blockchain-centric applications and properties. These include decentralized applications (dApps), centralized finance (CeFi), decentralized finance (DeFi), non-fungible tokens (NFTs), and endemic games, to name a few.

Magic Square plans to launch its closed beta soon, after which the public beta becomes open to 50,000 pre-registered users. Although there is no set timeline for a beta launch, the platform had opened the waitlist signups earlier this year.

PancakeSwap Investment

Binance Labs also made another strategic investment in decentralized exchange (DEX) PancakeSwap in early June. At the time, the announcement drove up the price of PancakeSwap’s native CAKE by 10%. Furthermore, Binance Labs stated that it was making the investment in order also to facilitate the next wave of global technology adoption.

PancakeSwap is one of more than 1,300 active dApps across multiple categories built on Binance’s blockchain network BNB Chain. The platform launched in September 2020, and is currently the largest dApp on the BNB Chain.

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