Magic Eden Acquires Slingshot, Expanding to 8M+ Tokens and Bitcoin Trading

Magic Eden, a leading NFT marketplace, has announced the acquisition of Slingshot, a mobile-first crypto trading app, to expand its offerings beyond non-fungible tokens into the broader token trading market. This strategic move aims to position Magic Eden as a competitor to centralized exchanges by providing a platform for trading over 8 million tokens across multiple blockchains, including Bitcoin, Solana, Ethereum, Avalanche, and Base, with Bitcoin integration coming soon.

Slingshot's acquisition by Magic Eden is seen as a step towards fulfilling the vision of creating a seamless trading experience across all chains without the need for bridges or centralized exchanges. The app supports trading with a unified USDC balance, enhancing user experience by simplifying the process of trading across different blockchains. Slingshot also offers login via Apple Pay and has attracted 3.2 million monthly active users, generating $24 million in revenue.

In the coming weeks, Slingshot is expected to add support for Runes, indicating Magic Eden's intent to further expand its cross-chain capabilities. The acquisition aligns with Magic Eden's long-term goal of becoming a comprehensive platform for all digital assets, as articulated by CEO Jack Lu, who emphasized the importance of apps in the future of crypto trading.

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