Magic Eden Acquires Slingshot Crypto Trading App

Magic Eden, one of the largest cross-chain non-fungible token market platforms, has acquired Slingshot, a renowned crypto trading app offering the easiest way to buy and sell crypto and meme coins

Non-fungible token (NFT) market platform Magic Eden has acquired renowned crypto trading app Slingshot to allow its users to trade crypto assets across all blockchain networks.

One of the first chain abstracted trading apps with one universal balance, Slingshot is a renowned decentralized finance (DeFi) application that allows users to swap over 50,000 crypto assets across multiple blockchains without using centralized exchanges (CEXs) or bridging, offering a streamlined cross-chain trading experience.

Recently, the Magic Eden team confirmed the acquisition of Slingshot, one of the fastest cross-chain trading apps to buy and sell crypto. Magic Eden NFT marketplace anticipates leveraging the recent investment to accelerate its vision of providing all assets on all blockchains to everyone.

While commenting about the Slingshot acquisition, Jack Lu, the CEO and Co-founder of Magic Eden, remarked:

“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. 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.”

In turn, Clinton Bembry, the Co-founder and Chief Executive Officer of Slingshot, remarked:

“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. As the world leaves centralization in the past, this move allows us to further empower the individual and make crypto more accessible for everyone.”

How Does the Slingshot Trading App Operate?

To access Slingshot, crypto users must select a wallet, ensure they have gas, find a trusted bridge, move funds, and then can they buy a token. Users can access any token on any blockchain with a universal USDC balance. Crypto tokens are available immediately, while spot and limit orders are supported in a non-custodial, transparent trading platform. Together, Magic Eden and Slingshot will continue to make crypto accessible and compete with centralized exchanges (CEXs).