5 days ago
Magic Eden is acquiring crypto trading app Slingshot to grow beyond NFTs and situation centralized exchanges (CEX) with a afloat on-chain trading experience, according to an April 9 press release.
The acquisition marks a displacement for Magic Eden, which built its sanction arsenic a starring integer plus and NFT marketplace. Now, the institution is aiming to go what it calls “the astir extended and all-encompassing trading level successful crypto.”
Slingshot has attracted astir 1 cardinal users with its mobile-first interface, which simplifies cross-chain trading. The app eliminates the request for bridging, typically a cumbersome and risky process, by enabling token swaps crossed much than 10 blockchains with instant listings.
Magic Eden CEO and co-founder Jack Lu said:
“This acquisition is simply a large measurement guardant successful advancing the Magic Eden vision, which is to supply users worldwide with a seamless and harmless mode to bargain and merchantability crypto and integer assets crossed each chains.”
The woody comes arsenic the crypto industry, present valued astatine $2.5 trillion, continues to displacement toward decentralized infrastructure, spurred by increasing concerns implicit transparency, security, and idiosyncratic control.
While centralized exchanges person dominated the space, critics reason they contradict the halfway principles of crypto and often make azygous points of failure.
Slingshot has gained traction successful caller weeks due to the fact that it is among the lone platforms to database each token crossed aggregate chains successful real-time. It besides aims to entreaty to newcomers by allowing signups with conscionable an email and supporting payments done Apple Pay, Venmo, PayPal, and recognition oregon debit cards.
The companies program to integrate Slingshot’s tools into Magic Eden’s platform, which volition enactment implicit 5 cardinal tokens and connection upcoming entree to Bitcoin-native tokens. The combined effort signals a increasing propulsion wrong the manufacture to connection alternatives to centralized giants by giving users much power implicit their assets without sacrificing convenience oregon speed.
The station Magic Eden acquires Slingshot to grow into on-chain trading, diversify beyond NFTs appeared archetypal connected CryptoSlate.
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