Magic Eden To Acquire Slingshot To Rival Centralized Exchanges With On-Chain Trading App

Leading digital asset platform Magic Eden, will acquire Slingshot, one of the fastest-growing mobile-first crypto trading apps, with the goal of replacing the need for centralized exchanges by creating a better experience that’s fully on-chain.

SAN FRANCISCO--(BUSINESS WIRE)--Magic Eden announces it will acquire leading crypto trading app, Slingshot. With this acquisition, Magic Eden makes a significant step forward from an NFT and digital asset platform, to become the most extensive and all encompassing trading platform in crypto.

Magic Eden, now alongside Slingshot, is at the intersection of technology and finance as the $2.5 Trillion crypto industry grows and has taken the spotlight in global politics and pop culture. Slingshot offers the easiest way to buy crypto, and the most convenient path to cross-chain trading, with a ‘no bridging’ solution that removes the technical complications of switching between different blockchains. With instant listings for every token across 10+ blockchains, the app also offers the most expansive trading experience possible, removing the need to use centralized exchanges (CEXs).

“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 has amassed nearly 1 million users to date and further grew in popularity in recent weeks for being one of the only platforms to list every token across over 10 blockchains. Slingshot offers users the widest view of the market, providing a more secure, transparent, and easy-to-use platform, cementing the app as a serious contender to rival large centralized exchanges. The simplicity of an email login coupled with Apple Pay, Venmo, Paypal, or credit/debit card purchases ensures familiarity and a non-intimidating experience for new users. Joining the 5+ million tokens currently accessible on Slingshot, Bitcoin-native tokens or ‘runes,’ will soon become available for seamless buying, selling, and trading via the platform.

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

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About Magic Eden:

Magic Eden brings all chains and all assets together in one easy-to-use platform. As the #1 Bitcoin app and largest NFT marketplace, Magic Eden provides the best experience for new crypto users. Included in Magic Eden’s product suite is a cross-chain wallet, powerful trading tools, and the ability to mint, collect, and seamlessly trade NFTs and tokens. All on magiceden.io.

About Slingshot:

Slingshot is the premier mobile-first crypto trading app for casual and advanced traders alike. By supporting instant listings for every token across 10+ blockchains, the app offers the most expansive trading experience possible. Slingshot also offers the most convenient path to cross-chain trading, with a ‘no bridging’ solution that removes the technical complications of switching between different blockchains, as well as a robust fiat on ramp with Apple Pay, Credit/Debit Card, Paypal, and more. Slingshot was founded in 2020, and backed by Electric Capital, Ribbit Capital, and Framework Ventures. More information can be found on their website: slingshot.finance

Contacts

Media Contact:
Tiffany Huang
pr@magiceden.io