Magic Square has acquired a platform for selling TruePNL tokens
Magic Square's Web3 platform has signed a deal to acquire TruePNL. The team intends to use TruePNL resources to launch a launchpad and stake cryptocurrencies.
Magic Square's Web3 application platform has acquired TruePNL, designed to launch tokens. Russell Abdullin, CEO of TruePNL, told the editorial board of Encrypted about this.
The project manager noted that Magic Square intends to use TruePNL's technological resources to launch a launchpad and staking cryptocurrencies:
"The strategic partnership with Magic Square will allow us to launch token sales of well-known projects in a new bullish cycle. In addition, our joint work will be able to increase the value of native PNL and SQR coins."
The TruePNL platform was founded in 2020 in Singapore. It is designed to place tokens before listing on crypto exchanges. Since its launch, the site has helped raise more than $6 million for 62 projects, Abdullin said.
According to the CEO of TruePNL, users of the platform can earn points for various actions. Subsequently, they can be exchanged for the allocation of one of the projects. As part of the acquisition, TruePNL will continue to operate as an independent platform, and the PNL token will retain its current functions, Abdullin added.
According to The Block, TruePNL technical director Vyacheslav Tyurdenev has joined Magic Square. The remaining part of the 12-person team will continue to work in the same composition.
Magic Square founder and CEO Andrey Naiman stated that the Web3 platform has acquired the entire external and server infrastructure of TruePNL, "with the exception of the trademark, domain, social media accounts and the PNL token." At the same time, the value of the transaction was not disclosed.
