TechFlow news, Magic Square, a web3 app store backed by Binance Labs and other institutions, has acquired the token launch platform TruePNL for an undisclosed amount.
Andrey Nayman, founder and CEO of Magic Square, told The Block, "The acquisition was paid for entirely in cash." Nayman said that as part of the deal, Magic Square has acquired TruePNL's entire front-end and back-end infrastructure, but "excluding the brand name, domain, social media accounts, and the TruePNL (PNL) token."
Nayman said Magic Square began negotiations with TruePNL last month, initially to explore white-label solutions for its upcoming staking and launch platform, but those discussions ultimately led to the acquisition. He added that the acquisition "concluded this week, with no pending approvals."
