After teasing a big announcement and an announcement of an announcement, Magic Eden has finally revealed the news: It’s pivoting into fungible token and meme coin trading across multiple chains.
In a move signaling its growing ambitions beyond NFTs, Magic Eden revealed Wednesday that it will acquire Slingshot Finance, the mobile-first crypto trading application known for its cross-chain swaps and retail-friendly interface.
The acquisition strategy positions Magic Eden as an alternative to traditional crypto exchanges via a streamlined trading solution for digital assets. In the coming weeks, Slingshot is also expected to add support for Runes, also known as Bitcoin-based meme coins, further expanding its cross-chain offerings.
The deal marks a significant shift for Magic Eden, which is best known for being a leading NFT marketplace and digital asset platform. By integrating Slingshot’s trading infrastructure, the company seeks to transform into a full-scale hub for crypto activity, with tokens, NFTs, and cross-chain transactions under one roof.
“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,” said Magic Eden co-founder and CEO Jack Lu, in a press release. He added that the deal “accelerates our ability to have an impact on the future of crypto.”
Slingshot, which has attracted nearly a million users since launch, allows frictionless trading across more than 10 blockchains without requiring users to manually bridge assets between networks. Slingshot offers real-time listings for over 5 million tokens and has been praised for its beginner-friendly interface, offering login via email and fiat on-ramps like Apple Pay, PayPal, and credit cards.
The acquisition also helps Magic Eden better match up with a key rival, as Solana NFT marketplace Tensor also has its own crypto trading app with Vector. A spokesperson told Decrypt that Slingshot will not be rebranded with Magic Eden branding.
“Slingshot is pioneering the most comprehensive trading infrastructure in the industry, and alongside Magic Eden, we are raising the bar higher.” Slingshot co-founder and CEO Clinton Bembry said in a release. ”As the world leaves centralization in the past, this move allows us to further empower the individual and make crypto more accessible for everyone.”
As digital assets move deeper into the mainstream and into the conversations of regulators and everyday consumers, Magic Eden and Slingshot are banking on traders wanting decentralized options that feel more open and give them more autonomy.
“It’s been an absolute blast to partner with Clinton and his team,” Magic Eden’s Lu told Decrypt, adding that Slingshot will add “gamified experiences, AI integrations, [and] expansion to chains unsupported by other platforms like Hype, XRP, and native BTC.”
Edited by Andrew Hayward