Web3 App Store Magic Square Launches $66M Grant Program

Magic Square, a Web3 app store, is allotting $66 million of its native SQR token for grants to support projects that are listed on its platform.

The notification sent to CoinDesk via email on Wednesday states that the Ecosystem Grant Program has 120 million SQR, or 12% of the total supply of the coin.

The chosen applications and games will be able to better interact with their target audience and increase their exposure on the platform by using the grants to assist cover their initial marketing expenditures.

According to statistics from CoinMarketCap, SQR tokens have a total market worth of almost $550 million and are priced at $0.55 at the time of writing.

Magic Square is a Web3-focused app store backed by companies including Binance Labs and Crypto.com Capital. It provides over 3.6 million unique wallets in addition to over 1,100 games and applications.