Magic Square Raises $3 Million in Binance-Led Seed Funding Round

Other participants in the funding round include KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep, and angel investors.

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.

“The initial investment led by Binance Labs enables further expansion of our capabilities,” said Magic Square’s CEO, Andrey Nayman. “It also validates our strong belief of making crypto available, accessible, and most importantly, user-friendly to everyone.”

Upcoming Beta Launch

The platform opened the waitlist signups for its beta launch earlier this year. Though there is no set timeline yet, it mentioned that the closed beta launch is going to happen soon which will be followed by a public beta launch.

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

Meanwhile, giants like Binance are betting big on early-stage startups. Last month, Binance Labs raised $500 million for its investment fund to back companies working in Web3 and  blockchain 
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
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