Magic Eden, once known primarily as an NFT marketplace, is accelerating its pivot into a broader crypto trading platform with the acquisition of Slingshot, a mobile-first crypto trading app.
According to a press release shared with Cryptonews, this strategic acquisition marks a key milestone in Magic Eden’s transformation into “the most extensive and all-encompassing trading platform in crypto.”
A New Chapter for Magic Eden
Slingshot, founded in 2020 and backed by top VCs such as Electric Capital and Ribbit Capital, boasts nearly 1 million users. The platform is designed for both casual and advanced traders, offering seamless cross-chain token trading without the need for bridging, making it easier to navigate between blockchains.
With support for over 5 million tokens across 10+ chains, fiat on-ramps via Apple Pay, PayPal, Venmo, and credit/debit cards, and easy email login, Slingshot delivers a frictionless crypto trading experience. Magic Eden plans to integrate these features into its own platform, effectively unifying NFT and token trading under one roof.
Notably, Bitcoin-native tokens (or “runes”) will soon be added to Slingshot’s offering, expanding its user capabilities further.
“This is a major step forward in advancing the Magic Eden vision,” said Jack Lu, CEO and Co-Founder of Magic Eden. “Our goal is to provide users with a seamless, safe way to trade crypto and digital assets across all chains.”
Slingshot CEO Sees a Decentralized Future
Clinton Bembry, co-founder and CEO of Slingshot, emphasized that the partnership will help “change the way the world trades crypto.”
“As the world moves away from centralization, this move allows us to further empower individuals and make crypto more accessible to everyone,” he said.
Magic Eden’s Ongoing Expansion Strategy
This acquisition comes as Magic Eden continues to evolve beyond its NFT roots. In August 2024, the company launched the ME token, which now plays a central role in its ecosystem and is integrated into the Magic Eden Wallet for cross-chain digital asset management.
In September, Magic Eden revealed plans to launch a dedicated domain for U.S.-based users, reflecting its efforts to tailor services to regional regulations and audiences.
As the NFT market continues to cool, Magic Eden is positioning itself as a full-spectrum crypto platform, signaling a long-term strategy that embraces DeFi, cross-chain liquidity, and the broader Web3 economy.
