- Magic Eden has acquired mobile crypto trading app Slingshot Finance
- Magic Eden will use the app to service crypto and memecoin traders
- Slingshot is a multichain app and plans to add support for Bitcoin-based tokens
NFT marketplace Magic Eden has acquired mobile crypto trading app Slingshot Finance to expand its services into crypto and meme coin trading. The app integrates with multiple blockchains and is preparing to add support for Bitcoin-based tokens, enabling Magic Eden to compete with other crypto exchanges. Magic Eden stated that the acquisition accelerates its “vision to provide all assets on all chains to everyone,” indicating its intentions to explore more offerings outside the NFT world.
“Universal USDC Balance” Not Required
The NFT exchange said the app removes crypto trading barriers like the need to have “a universal USDC balance.” It added that Slingshot “reimagines the on-chain trading experience” by providing a simple, fast, and transparent way to trade crypto.
Today’s the last day you ever need to think about chains. Proud to share @MagicEden has acquired @SlingshotCrypto.
First we were on 1 chain
Then we became cross chain
Now, no more chainsTrade instantly on all chains without bridging. This is how we’ll be #1 in NFTs + tokens. pic.twitter.com/weUiwNgWBa
— Jack (@0xLeoInRio) April 9, 2025
According to Magic Eden CEO Jack Lu, the move expands Magic Eden’s vision of powering seamless multi-chain virtual asset trading. He added that combining the efforts of the two teams improves the marketplace’s chances of impacting “the future of crypto.”
Lu revealed that the two platforms will operate as separate platforms but with increased connectivity, adding that the acquisition won’t lower Magic Eden’s commitment to the NFT world.
Both Slingshot and Magic Eden will operate as they currently are, as separate platforms.
However, there will be increasing connectivity between these two platforms.
Any further integrations will be announced when available.
— Jack (@0xLeoInRio) April 9, 2025
The marketplace said it intends to compete with centralized crypto exchanges by allowing traders to use Apple Pay, Venmo, or credit cards to purchase crypto and to discover tokens using “AI-assisted research.”
Centralization Is Outdated
Slingshot CEO Clinton Bembry noted that the world is leaving “centralization in the past,” adding the acquisition helps prepare for a decentralized crypto trading future. The move comes a few days after NFT marketplace X2Y2 announced that it’s shutting down to pivot to AI.
A recent report disclosed that the NFT trading volume has plummeted by over 90% from its 2021 highs, forcing NFT-focused projects to either shut down, downsize, or expand outside the NFT space. Bybit and LG are among the latest firms to pull the plug on their NFT marketplaces.
With Magic Eden expanding to crypto trading, it’s likely it’ll also start exploring the AI world.
