Magic Eden Acquires Slingshot, Steps Away From NFT Focus

Non-fungible token (NFT) marketplace Magic Eden says it has acquired crypto trading app Slingshot.

According to the press release shared with Cryptonews, this acquisition will enable Magic Eden to move away from being an NFT and digital asset platform.

Instead, it plans to become “the most extensive and all-encompassing trading platform in crypto.”

The announcement notes that Slingshot offers simple methods to buy crypto and do cross-chain trading with a “no bridging solution.” The latter eliminates the need to switch between various blockchains.

We just acquired @SlingshotCrypto!

8M+ tokens. Every chain (Bitcoin soon). No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.

Oh, and Emmy likes green. pic.twitter.com/QmALplzSzB

Additionally, the app features instant listings for every token across more than 10 blockchains. The goal here is to offer an expansive trading experience, the team says.

Jack Lu, CEO and Co-Founder of Magic Eden, commented that the 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.”

Founded in 2020, Slingshot is a mobile-first crypto trading app for casual and advanced traders, backed by Electric Capital, Ribbit Capital, and Framework Ventures. Per the announcement, it currently has nearly 1 million users.

It features a fiat on-ramp with Apple Pay, PayPal, Venmo, and Credit/Debit Card. It also allows email login for simplicity and familiarity.

The platform is currently home to more than 5 million tokens. Bitcoin-native tokens or ‘runes’ will soon become available as well for buying, selling, and trading.

JUST IN: @SlingshotCrypto hints Bitcoin #Runes launch on platform potentially next week. pic.twitter.com/ck5pKpkrTF

Clinton Bembry, co-founder and CEO of Slingshot, the two teams will “change the way the world trades crypto.” He adds that “as the world leaves centralization in the past, this move allows us to further empower the individual and make crypto more accessible for everyone.”

Meanwhile, Magic Eden has been expanding its operations for a while now, stepping away from being strictly an NFT marketplace.

In August 2024, it announced the ME token as its official ecosystem token. The team integrated the token into Magic Eden’s wallet, enabling users to manage and trade digital assets across multiple blockchain networks.

They also shared that the move is a part of a broader strategy to support a wide range of digital assets and allow users to engage with different blockchains.

Additionally, in September, Magic Eden said it plans to launch a separate domain exclusively for its US users and offer US-based services through a dedicated domain.

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