Magic Square raises $3M seed funding co-led by Binance Labs and Republic Capital

[pawarriyana]

Magic Square is pleased to announce the firm successfully sealed the $3M seed round investments with an evaluation of $30M, led by Binance Labs and Republic Capital, and include other investors such as GSR, DAO Maker, KuCoin Labs, IQ Labs, Gravity Ventures, Alpha Grep, and angel investors.

“Magic Square is here to transform the current landscape of the crypto industry by providing an user-centric product along with a full spectrum of resources and support for developers. The initial investment would accelerate the growth of not just Magic Square, but the Web3 space as a whole,” said Andrey Nayman, CEO of Magic Square.

Magic Square is the world’s first Web3 solution that simplifies crypto, conceptualising the beauty of an App Store. Users can discover dApps, Games, CeDeFi, NFTs, and more in one place with an intuitive design.

The seed round of funding supports Magic Square’s growth strategy to scale up user acquisition significantly, and enhance product development and team expansion.

Mia Mai, Investment Director at Binance Labs, commented: "Binance Labs sees the potential in Magic Square, especially in its user-friendly designs and business model as a Web3 dApp store. 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."

“Republic Capital seeks to pursue the perfect meld between infrastructure technology robust enough to stand the test of time while also reaching a broad retail audience for mass adoption. We see Magic Square as an excellent place for the entire dApp industry to gain exposure, enhance discoverability, and absorb dApp users to create an industry-wide super-user base, with the ability to earn stable coins via engagement creates a dominant use-case for user incentives, rewards, and stickiness.” said Andrew Durgee, Managing Partner of Republic Capital