Magic Eden, once a dominant player in the NFT marketplace space, has taken a major step toward becoming a comprehensive crypto platform by acquiring Slingshot, a mobile-first decentralized trading application.
The acquisition, announced in a press release shared with Cryptonews, represents a pivotal shift in Magic Eden’s broader ambition to become “the most extensive and all-encompassing trading platform in crypto.”
From NFTs to Cross-Chain Crypto Trading
Founded in 2020 and backed by investors like Electric Capital and Ribbit Capital, Slingshot has attracted close to 1 million users by offering an intuitive, mobile-friendly interface for cross-chain token trading—without the need for bridges.
The platform supports:
- Over 5 million tokens across 10+ chains
- Fiat on-ramps via Apple Pay, PayPal, Venmo, and card payments
- Email-based login for quick, secure access
- A roadmap to support Bitcoin-native tokens (“runes”)
Magic Eden plans to incorporate Slingshot’s user-friendly tools and infrastructure into its core platform—unifying token and NFT trading for a seamless multi-asset user experience.
“This is a major step forward in advancing the Magic Eden vision,” said Jack Lu, CEO and Co-Founder of Magic Eden. “We want to make trading crypto and digital assets across chains as seamless and secure as possible.”
Slingshot CEO Backs a Decentralized Future
Clinton Bembry, Slingshot’s CEO and co-founder, expressed confidence in the partnership’s potential to reshape crypto trading globally.
“As the world moves away from centralization, this acquisition gives us the tools to expand access and empower more users,” Bembry stated.
Part of a Broader Expansion Strategy
This move follows a series of strategic shifts for Magic Eden, including the launch of its ME token in August 2024 and the rollout of the Magic Eden Wallet, which supports cross-chain digital asset management.
In September, Magic Eden also announced a dedicated domain for U.S.-based users, highlighting its commitment to regulatory compliance and regional market adaptation.
As NFT volumes remain subdued, Magic Eden is clearly pivoting toward DeFi, token liquidity, and cross-chain functionality—positioning itself as a long-term player in the evolving Web3 ecosystem.
