Magic Square, the innovative Web3 app store that has firmly established its position as a pioneering and leading alternative to the iOS App Store and Google Play Store for Web3, announces a strategic investment from EMURGO Ventures (EMV). This crucial investment marks a key step in Magic Square’s quest to revolutionize the Web3 app ecosystem.
EMURGO Ventures, the venture capital and investment arm of EMURGO, functions as the official commercial arm and a founding entity of the Cardano blockchain. Its decision to invest in Magic Square signals a commitment to fostering innovation within the blockchain ecosystem and a firm belief in Magic Square’s distinctive potential.
Takashi Hayashida, Managing Partner at EMURGO Ventures, said, “EMURGO Ventures invested in Magic Square because it is building the gateway for users to discover and seamlessly use Web3 Apps from various chains. We strongly believe that this could potentially lower entry barriers to the Web3 space and accelerate the adoption of Web 3.0.”
Since its successful Public Beta launch in May, Magic Square has seen remarkable growth with over 200,000 registered users and more than 750 listed projects. High-profile names such as Gala Games, Kraken, 1inch, OKX, CyberConnect, WOOFi, Trader Joe, Li.Fi, KyberSwap, among others, have enhanced the platform’s appeal.
The current investment round, approaching its conclusion at an impressive valuation of $90 million, builds on the momentum of previous funding rounds that included industry heavyweights like Binance Labs, Crypto.com Capital, and Republic Capital.
“The partnership with EMURGO Ventures, a respected leader in the blockchain industry, underscores the confidence in Magic Square’s mission to create a decentralized app ecosystem,” stated Andrey Nayman, the Co-Founder and CEO of Magic Square.
About Magic Square
Magic Square is the leading Web3 app store where users can discover community-vetted apps and games from the Web3 ecosystem. The platform empowers its users with rewards, fostering engagement and participation. Simultaneously, Magic Square offers project developers a robust solution for community growth, user acquisition, and retention, underlining its holistic approach to revolutionizing the world of Web3 applications.