- Summary:
- Gate.io Labs, the VC arm of Gate.io has invested in Magic Square. We discuss its relevance to the two companies’ growth.
Magic Square, a crypto app store, has announced that Gate.io Labs, Gate.io’s strategic investment arm, has joined it as an investor. With this funding, Magic Square will be able to expand its digital presence across continents and create a truly global community with the help of Gate.io Labs and other investors.
How the investment aligns with the two companies’ goals
Magic Square aims to be the go-to destination for finding and downloading blockchain-based applications. That is to say, its ultimate goal is to serve as a central hub for all cryptocurrency users. To achieve this goal, it is closing the knowledge gap between developers and end-users, allowing everyone from complete blockchain newcomers to seasoned professionals to explore the exciting world of blockchain-based apps, games, NFTs, CeDeFi, and more.
When it comes to making investments, Gate.io Labs, the company’s venture capital arm, has its sights set squarely on the decentralized infrastructure, ecosystems, and apps that will revolutionize the modern digital society. Having Gate.io Labs on board will allow Magic Square to make full use of the VC’s tools and expertise as it expands its product line. The Magic Store, MagicID, Magic Community, and Magic Affiliates are just a few examples of such services.
Andrey, the CEO of Magic Square, said:
“The investment from Gate.io Labs along with other leading investors will unlock the unlimited potential of our Magic Store and other products/services to pave the way for mass adoption of crypto.”
The fact that Gate.io believes it to be profitable to invest in Magic Square is evidence of the platform’s attractiveness as well as its enormous potential. Back in early July, the company announced that they had closed a $3 million initial investment round led by Binance Labs and Republic Capital. The seed round also had contributions from KuCoin Labs, GSR, and others.