Magic Square, a web3 app store backed by Binance Labs and others, has acquired TruePNL, a token launch platform, for an undisclosed sum.

"The acquisition was financed entirely with cash," Andrey Nayman, founder and CEO of Magic Square, told The Block. As part of the deal, Magic Square has acquired TruePNL's entire front and backend infrastructure, Nayman said, but "excluding the brand name, domain, social media accounts, and the TruePNL (PNL) token."

Magic Square began talks with TruePNL last month to initially explore a white-label solution for its upcoming staking and launchpad platforms, but those discussions ended up in the deal, Nayman said. The acquisition "concluded this week, and there are no pending approvals," he added.

What is Magic Square?

Founded in 2021, Magic Square is …