Non-fungible token (NFT) market Magic Eden says it has acquired crypto buying and selling app Slingshot.
In line with the press launch shared with Cryptonews, this acquisition will allow Magic Eden to maneuver away from being an NFT and digital asset platform.
As an alternative, it plans to grow to be “the most extensive and all-encompassing trading platform in crypto.”
The announcement notes that Slingshot presents easy strategies to purchase crypto and do cross-chain buying and selling with a “no bridging solution.” The latter eliminates the necessity to change between numerous blockchains.
Moreover, the app options on the spot listings for each token throughout greater than 10 blockchains. The purpose right here is to supply an expansive buying and selling expertise, the crew says.
Jack Lu, CEO and Co-Founding father of Magic Eden, commented that the 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.”
Runes Coming Quickly
Based in 2020, Slingshot is a mobile-first crypto buying and selling app for informal and superior merchants, backed by Electrical Capital, Ribbit Capital, and Framework Ventures. Per the announcement, it at present has practically 1 million customers.
It encompasses a fiat on-ramp with Apple Pay, PayPal, Venmo, and Credit score/Debit Card. It additionally permits electronic mail login for simplicity and familiarity.
The platform is at present house to greater than 5 million tokens. Bitcoin-native tokens or ‘runes’ will quickly grow to be out there as properly for getting, promoting, and buying and selling.
JUST IN: @SlingshotCrypto hints Bitcoin #Runes launch on platform doubtlessly subsequent week. pic.twitter.com/ck5pKpkrTF
— Vincent (Cryptolution)
(@cryptolution101) April 8, 2025
Clinton Bembry, co-founder and CEO of Slingshot, the 2 groups will “change the way the world trades crypto.” He provides that “as the world leaves centralization in the past, this move allows us to further empower the individual and make crypto more accessible for everyone.”
In the meantime, Magic Eden has been increasing its operations for some time now, stepping away from being strictly an NFT market.
In August 2024, it introduced the ME token as its official ecosystem token. The crew built-in the token into Magic Eden’s pockets, enabling customers to handle and commerce digital belongings throughout a number of blockchain networks.
Additionally they shared that the transfer is part of a broader technique to assist a variety of digital belongings and permit customers to interact with totally different blockchains.
Moreover, in September, Magic Eden stated it plans to launch a separate area completely for its US customers and provide US-based providers via a devoted area.
The publish Magic Eden Acquires Slingshot, Steps Away From NFT Focus appeared first on Cryptonews.
