Magic Square Valuation Soars Ahead of Next Funding Round

Magic Square, which is a community-driven multi-chain crypto app store, is aiming to raise $4.4 million in its next funding round with a valuation of $120 million, the startup’s CEO Andrey Nayman revealed to TechCrunch.

It has onboarded Crypto.com Capital, the venture arm of a popular crypto exchange, as a strategic investor. The partnership will allow Magic Square to leverage the projects listed on Crypto.com for onboarding developers.

"Adding Crypto.com Capital to our list of top-tier investors is a testament to the progress we are making bringing web3 apps to the masses," Nayman said.

We are pleased to have @Cryptocom_Cap as one of our strategic investors🥳🥳 Our vision is to open the #crypto world to everyone via Magic Store💪 #buidl for the better together!

Read the full article here👇https://t.co/kCeF7Tasw3

— Magic Square (@MagicSquareio) October 12, 2022

The crypto startup has already raised $3 million earlier this year in a seed funding round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term co-led by Binance Labs and Republic Capital. Other backers of the company are KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep, DAOMaker and angel investors.

The startup was valued at $30 million at the seed round. However, the valuation jumped to $75 million following consecutive funding of $1 million.

A Decentralized App Store

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.

“There are currently around 10,000 dApps out there, but if I talk about production-ready applications, it’s like 2,150 apps,” Nayman told the startup-specific publication.

“If you are a crypto-savvy user, you know where to look. You know to check the white paper Whitepaper A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho Read this Term, the audit reports, the LinkedIn of the founders — the nuances that need to be checked in order to decide whether this is a project that you want to be involved or not with. But, if you are not, you have no idea where to start.”

The company was founded last year and is now preparing for a beta launch. The startup already gained huge traction with around 250,000 signups for the upcoming beta launch.