A magic square is a square matrix containing distinct positive integers, where the sum of every row, column, and diagonal is the same. They have been studied for centuries and have often been associated with mystical properties. In recent times, the concept of magic squares has been adopted in the field of funding, giving rise to the term "magic square funding." Magic square funding is a strategic approach used by some organizations or individuals to allocate limited funding resources in a balanced and equitable manner. It involves the careful consideration of various project proposals or investment opportunities, assigning them to different sectors or categories, and ensuring that each sector receives an equal share of the available funds. The aim of magic square funding is to create a fair and well-rounded distribution of resources, promoting diversity and preventing any particular sector from being disproportionately favored or neglected.
Binance Labs Leads $3 Million Seed Funding for Magic Square
- Binance Labs led a $3 million seed round for Magic Square.
- The investment will support Magic Square’s community growth, product development, and talent acquisition on an ongoing basis.
- Magic Square is a community-driven multi-chain crypto app store.
Binance Labs, the venture capital arm and accelerator of Binance, and Republic co-led the seed funding round of Magic Square, the first community-driven Web3 multi-chain crypto app store.
Magic Square provides Web3 solutions to make crypto more accessible for all. Users can discover and experience various dapps, CeFi and DeFi, NFTs, Games, and much more in one single space.
The project will use the proceeds to hyper-scale user acquisition growth, product development, and team expansion. Magic Square is preparing to officially launch its closed beta soon while processing verifications for app listing. Soon after, the public beta will be open to the 50,000 pre-registered users.
Magic Square aspires to build a holistic ecosystem for developers and users to experience different worlds in blockchain by providing various product suites, including the Magic Store, MagicID, Magic Community, and Magic Affiliates.
The Magic Store is a Web3 solution where the community vets, ranks, and prioritizes the apps through a DAO mechanism, with clear earning metrics and SQR token rewards to incentivize the participation of validators, creators, and users. Users would be able to access all of the community vetted content with one click using the MagicID (Decentralized ID).
Also, the Magic Affiliates referral program offers aspiring projects the chance to generate more traction from the store and network of partners. Simply put, project owners will only have to pay when visitors convert based on their desired criteria.
Andrey Nayman, Magic Square’s CEO stated, “The initial investment led by Binance Labs enables further expansion of our capabilities. It also validates our strong belief of making crypto available, accessible, and most importantly, user-friendly to everyone.”
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."
The seed round is co-led by Republic Capital and also includes strategic partners, such as KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep, and angel investors.
About IDO & Funding Rounds Magic Square
Magic Square is a unified, integrated, interoperable space for users to discover and experience community-vetted crypto apps, and for crypto app developers to market and monetize their best applications.
Magic Square is a multifaceted system that covers all the UX bases: The Magic Store guides users to discover the highest quality crypto apps with built-in integrated DeFi. Users sign in to all of their apps with one SSIsecured Magic Connect leading to their personalized Magic Spaces: where crypto-app experiences begin and end. Users and developers discuss and collaborate in a dedicated Magic Community space. The whitepaper you are about to read is a technical product description. Please see our Lite Paper for a comprehensive overview of the project.
Interface
The Magic Square interface includes three main components: The Magic Store, Magic Spaces, and Magic Connect. Each of these serves a di!erent function for the three groups who use the platform: crypto application users (Users), crypto application developers (developers), and new community validators (Validators). Each of these groups plays a unique role in the Magic Store interface, with a unique set of actions and responsibilities. Users must enter the system and obtain a secure persona with their secure Magic Connect login credentials. developers must successfully deploy apps to be validated by the Validators, who vote on the new apps entering the ecosystem.
Token Utility
- Governance - In order to manage the Magic Store in the true spirit of Web3.0, without any intervention from the Magic Square team, we have implemented an on-chain voting model using Community Validators to fill the role of the Apple/Google engineers and determine which apps to feature:
- Creators pay SQR tokens to the Validators who asses their dApp The Community.
- Validators collectively decide which dApps should be featured on the Store.
- Ad Space - Creators and service providers who have at least one listed dApp or approved service can promote their services with Ad Space. Creators bid SQR tokens to win Ad Space.
- Referrals - Creators can initiate referral campaigns, inviting the Magic Community to refer their friends to use their dApp. In order to do this, the Creators will create a pool of SQR tokens to be distributed as referral rewards.
Magic Square raised $3M in seed round led by Binance Labs and Republic Capital. KuCoin Labs, GSR, IQ Protocol, Gravity Ventures and Alpha Grep are among investors.
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.
Keep ReadingWe 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!
- Are Crypto Cold Wallets Safe? Ledger Cites “Phishing Attack” behind the Hack
The startup was valued at $30 million at the seed round. However, the valuation jumped to $75 million following consecutive funding of $1 million.
From our Directory Find moreThe aim of magic square funding is to create a fair and well-rounded distribution of resources, promoting diversity and preventing any particular sector from being disproportionately favored or neglected. This approach recognizes the importance of a balanced allocation, ensuring that all areas of need are addressed and that no sector is left behind. To implement magic square funding, organizations or individuals typically evaluate and categorize project proposals or investment opportunities based on predefined criteria or sectors.
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.
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.
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.
Keep ReadingWe 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!
- Are Crypto Cold Wallets Safe? Ledger Cites “Phishing Attack” behind the Hack
The startup was valued at $30 million at the seed round. However, the valuation jumped to $75 million following consecutive funding of $1 million.
From our Directory Find moreThese sectors may vary depending on the context or objectives of the funding organization, but commonly include areas such as education, healthcare, infrastructure, environment, and social welfare. After categorizing the proposals, the available funds are distributed in such a way that each sector receives an equal share, similar to the sum of rows, columns, and diagonals in a magic square. This balanced distribution ensures that all sectors have the necessary resources to pursue their objectives and contribute to overall development or progress. Magic square funding can be particularly beneficial in situations where resources are limited, and tough decisions need to be made regarding project selection or resource allocation. By adopting this approach, organizations or individuals can ensure transparency, accountability, and fairness in the allocation of funds. In conclusion, magic square funding is a strategic approach used to allocate limited resources in a balanced and equitable manner. It promotes diversity, prevents any particular sector from being favored or neglected, and ensures that all areas of need receive adequate support. By adopting this approach, organizations or individuals can strive for a fair distribution of resources and contribute to holistic development or progress..
Reviews for "Accelerating Innovation: Magic Square Funding for Tech Startups"
1. John - 1/5 stars - Magic Square Funding is the worst funding company I have ever dealt with. Their customer service was atrocious - they were rude, unhelpful, and seemed completely disinterested in assisting me with my needs. Additionally, their interest rates were sky-high, making it nearly impossible for me to secure a loan without falling into a never-ending cycle of debt. Save yourself the trouble and avoid Magic Square Funding at all costs.
2. Sarah - 2/5 stars - I had a less than satisfactory experience with Magic Square Funding. While they did provide me with the loan I needed, their repayment terms were incredibly unreasonable. I found myself struggling to make the required monthly payments, which only further deepened my financial stress. I would recommend exploring other funding options before turning to Magic Square Funding.
3. Michael - 1/5 stars - Magic Square Funding is a complete scam. They promise quick and easy funding solutions, but the reality is far from it. Once I submitted my application, they bombarded me with constant calls and emails, pressuring me to sign up for their services. It felt like they were more interested in making a sale than helping me find a suitable funding solution. I would strongly advise against doing business with Magic Square Funding.