Magic Eden Acquires Trading Platform Slingshot
Magic Eden is moving beyond NFTs with its acquisition of Slingshot, a mobile trading platform that offers access to over 5 million tokens across more than 10 blockchains.
Magic Eden has announced its acquisition of Slingshot, a mobile app focused on cross-chain trading. After earning recognition as one of the top platforms in the NFT space, Magic Eden is now expanding into crypto trading.
Related: Magic Eden: The Premier NFT Marketplace on the Solana Blockchain
By integrating Slingshot, Magic Eden will let users buy and sell digital assets without needing to deal with wallet setups, cross-chain bridges, or network fees. According to the official announcement, the platform will support trading across multiple blockchains using a single USDC balance, making the process much simpler.
The decision followed a thorough evaluation of Slingshot’s technology. Notably, the platform has already built a user base of nearly 1 million people.
Feature and Technology Expansion
Slingshot is a mobile platform built to remove the complexity from cross-chain trading. It allows users to trade over 5 million tokens across more than 10 blockchains, including Solana, Ethereum, and soon, Bitcoin.
Moreover, the platform supports spot and limit orders, making it flexible and convenient for both newcomers and experienced traders.
This acquisition is a major step forward in advancing the Magic Eden vision, which is to provide users worldwide with a seamless and safe way to buy and sell crypto and digital assets across all chains,
said Jack Lu, CEO and co-founder of Magic Eden.
By integrating Slingshot, Magic Eden removes the need for multiple wallets and gives users direct access to a wide range of digital assets. This approach could help Magic Eden better compete with centralized exchanges by eliminating the usual friction involved in cross-chain transactions.
Related: X2Y2 NFT Marketplace Shuts Down Following Major Trading Volume Drop
Strategic Plans and Market Context
The acquisition of Slingshot marks a major step for Magic Eden as it brings together NFT technology and token trading. Discussions around the deal began early last year, and while the terms haven’t been disclosed, both parties have now reached a final agreement.
Read more: NFTs & Film Financing: Turning Creativity into Digital Gold
We are excited to join forces with Magic Eden to change the way the world trades crypto. Slingshot is pioneering the most comprehensive trading infrastructure in the industry, and alongside Magic Eden, we are raising the bar higher,
said Clinton Bembry, co-founder and CEO of Slingshot.
With NFT trading volumes trending downward, expanding into the crypto trading space could be a key growth opportunity for Magic Eden. Today, the platform already supports crypto trading through its own wallet, allowing users to transact with Apple Pay, Venmo, and credit cards.
Furthermore, this acquisition gives both companies room to grow while allowing each to maintain its unique focus.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
