Magic Eden acquires Crypto Trading App Slingshot to go beyond NFTs and centralized exchanges (CEX) with a full trade experience on the chains, according to a April 9 press release.
The acquisition marks a shift for Magic Eden, who has built its name as a leading digital assets and NFT market. Now the company wants to become what it calls ‘the most extensive and comprehensive trading platform in Crypto’.
Slingshot has attracted nearly 1 million users with his mobile interface, which simplifies cross-chain trade. The app eliminates the need for bridging, usually a cumbersome and risky process, by enabling tokens waps in more than 10 block chains with direct lists.
Magic Eden CEO and co-founder Jack Lu said:
“This acquisition is an important step forward in promoting the Magic Eden Vision, namely to offer users worldwide with a seamless and safe way to buy and sell crypto and digital assets in all chains.”
The deal comes when the crypto industry, now valued at $ 2.5 trillion, continues to shift to decentralized infrastructure, stimulated by growing concern about transparency, security and user control.
Although centralized exchanges have dominated space, critics claim that they contradict the core principles of crypto and often create a few points of failure.
Slingshot has become a grip in recent weeks because it is one of the only platforms that each token mentions over several chains in real time. It also wants to appeal to newcomers by allowing registrations with just one e -mail and payments through Apple Pay, Venmo, PayPal and credit or payment cards.
The companies are planning to integrate the Tools of Slingshot into the Magic Eden platform, which supports more than 5 million tokens and offers upcoming access to Bitcoin-Native tokens. The combined effort means growing pressure in the industry to offer alternatives to centralized giants by giving users more control over their assets without convenience or speed.
