Magic Eden’s acquisition of Slingshot highlights the team’s goal of moving beyond NFTs into crypto trading.
Magic Eden announced it will acquire the crypto trading app, Slingshot, allowing the platform to move from solely being a non-fungible token (NFT) platform to a crypto trading platform too.
Known for being an NFT trading platform, the acquisition would unlock listed tokens across ten different blockchains while removing the need to trade on centralised exchanges (CEX).
“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,” says Jack Lu, CEO and Co-Founder of Magic Eden. “Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto.”
Slingshot’s simplicity of signing up with an email login and payment modes like Apple Pay, Venmo, Paypal, or credit/debit card purchases helps create a non-intimidating experience for new users.
“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.” shared Clinton Bembry, Co-Founder and CEO of Slingshot. ”As the world leaves centralisation in the past, this move allows us to further empower the individual and make crypto more accessible for everyone.”
