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Finance

Web3 App Store Magic Square Unveils $66M Grant Program

Magic Square's Ecosystem Grant Program consists of 120 million SQR, equivalent to 12% of the token's total supply.

By Jamie Crawley
AccessTimeIconMar 6, 2024 at 2:00 p.m. UTC
bag of coins
(DizzyRoseblade/Pixabay)

Web3 app store Magic Square is dedicating $66 million worth of its native SQR token for grants to projects listed on its platform.

The Ecosystem Grant Program consists of 120 million SQR, equivalent to 12% of the token's total supply, according to an emailed announcement shared with CoinDesk on Wednesday.

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    • The grants will help to finance the initial marketing costs of the selected apps and games to help them improve their visibility on the platform and connect with their target audience.

    SQR tokens were priced at $0.55 at the time of writing and have a total market cap of around $550 million, according to data from CoinMarketCap.

    Magic Square, which counts Binance Labs and Crypto.com Capital among its backers, is an app store focused on Web3. It offers more than 1,100 apps and games and over 3.6 million unique wallets.

    Read More: Web3 Attribution Platform Spindl Teams Up With AppsFlyer to Improve Blockchain Gaming Analytics

    Edited by Sheldon Reback.




    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter
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