Magic Eden, after teasers and announcements of announcements about a major announcement, has revealed its news. The company is now pivoting towards fungible coin and meme token trading across various chains.
Magic Eden announced Wednesday its acquisition of Slingshot Finance. The mobile-first cryptocurrency trading app is known for its retail-friendly interface and cross-chain exchanges.
Magic Eden is positioned as a viable alternative to the traditional crypto exchanges by offering a trading platform for digital assets. Slingshot will also add Runes support in the next few weeks. These are Bitcoin-based meme currencies. This is expected to further expand its cross-chain offering.
This deal represents a major shift in Magic Eden’s business model. Magic Eden is known as a leader NFT platform and digital assets marketplace. Slingshot’s infrastructure is being integrated into Magic Eden in order to create a crypto hub that will include tokens as well as NFTs and cross-chain transaction.
In a recent press release, Magic Eden CEO Jack Lu said that the acquisition was a significant step in furthering Magic Eden’s vision to offer users a safe and seamless way to purchase and sell digital assets and crypto across chains. In a press release, Jack Lu said that this deal would “accelerate our ability to make an impact on crypto’s future.”
Slingshot has been attracting nearly one million users ever since its launch. It allows for frictionless trading between more than ten blockchains, without the need to manually connect assets. Slingshot provides real-time token listings and is known for its user-friendly interface. Users can login using email or fiat-on-ramps such as Apple Pay, PayPal and credit cards.
Magic Eden can now better compete with its key competitor, Tensor’s Solana NFT platform. Vector also offers a crypto trading application. The spokesperson said Decrypt Slingshot won’t be rebranded under the Magic Eden brand.
“Slingshot has pioneered the most comprehensive trade infrastructure within the industry. Together with Magic Eden we are setting the standard higher.” Clinton Bembry is the co-founder and chief executive officer of Slingshot. As the world moves away from centralization, this allows us to empower individuals further and make crypto accessible for everyone.
Magic Eden and Slingshot believe that as digital assets become more mainstream, they will be able to attract more consumers and regulators. They also expect traders to want decentralized solutions which are more flexible and offer more autonomy.
Magic Eden’s Lu said, “It has been a blast working with Clinton and his Team.” DecryptSlingshot, he said, will offer “gamified experience, AI integrations”. [and] Expansion of chains that are not supported by platforms like Hype, BTC native, XRP and other.”
Andrew Hayward edited the book
