<p>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. </p><p>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 <a href="https://www.financemagnates.com/tag/crypto-com/" target="_blank">Crypto.com</a> for onboarding developers.</p><p>"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.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">We are pleased to have <a href="https://twitter.com/Cryptocom_Cap?ref_src=twsrc%5Etfw">@Cryptocom_Cap</a> as one of our strategic investors???????? Our vision is to open the <a href="https://twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw">#crypto</a> world to everyone via Magic Store???? <a href="https://twitter.com/hashtag/buidl?src=hash&ref_src=twsrc%5Etfw">#buidl</a> for the better together!Read the full article here????<a href="https://t.co/kCeF7Tasw3">https://t.co/kCeF7Tasw3</a></p>— Magic Square (@MagicSquareio) <a href="https://twitter.com/MagicSquareio/status/1580081825321340928?ref_src=twsrc%5Etfw">October 12, 2022</a></blockquote><p>The crypto startup has already <a href="https://www.financemagnates.com/cryptocurrency/news/magic-square-raises-3-million-in-binance-led-seed-funding-round/" target="_blank">raised $3 million</a> earlier this year in a seed <a href="https://www.financemagnates.com/terms/f/funding-round/" target="_blank" id="d08fbe2e-fff7-405c-9466-eaaa94820467_2" class="terms__main-term">funding round</a> 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.</p><p>The startup was valued at $30 million at the seed round. However, the valuation jumped to $75 million following consecutive funding of $1 million.</p><p>A Decentralized App Store</p><p>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.</p><p>“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.</p><p>“If you are a crypto-savvy user, you know where to look. You know to check the <a href="https://www.financemagnates.com/terms/w/whitepaper/" target="_blank" id="e2d030e0-625a-45b1-980b-0bbd65e3832a_1" class="terms__secondary-term">white paper</a>, 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.”</p><p>The company was founded last year and is now preparing for a beta launch. The startup already gained huge traction with <a href="https://www.financemagnates.com/cryptocurrency/magic-square-starts-beta-launch-waitlist-signups-with-giveaway-campaign/" target="_blank">around 250,000 signups</a> for the upcoming beta launch.</p>
This article was written by Arnab Shome at www.financemagnates.com.
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