Slingshot has been successfully acquired by Magic Eden! This trading application enables users to freely trade tokens using a single universal USDC balance. As part of the acquisition, Slingshot’s technology will be fully integrated into Magic Eden to provide users with a wider range of fiat-to-crypto options and AI-assisted trading tools.
By doing this, slingshot takes away a lot of barriers like complicated wallet set up, bridging your assets between chains and managing gas fees. Slingshot’s abstraction tech sets Magic Eden up to compete with the centralized crypto exchanges like Coinbase, which I wrote about here.
Slingshot is a natural fit for Magic Eden as it stretches us well beyond Solana to every chain, even Bitcoin. The acquisition will bolster Magic Eden’s recently unveiled plans to bring more fiat-to-crypto onramps. Alongside this, it will release AI-assisted tools to make token discovery and trading simpler. Additionally, it will extend Magic Eden’s NFT marketplace functionalities to cover all blockchain protocols.
The integration of Slingshot's technology will enable Magic Eden to offer more fiat-to-crypto options through platforms like Apple Pay and Venmo. This is a crucial element in Magic Eden’s wider plans to take on centralized crypto exchanges.
This 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. - Jack Lu, CEO and Co-Founder of Magic Eden
Magic Eden acquisition Slingshot to power AI-assisted tools to help users discover and trade tokens. This step is the latest in Magic Eden’s efforts to enhance its NFT marketplace beyond just a primary place to list and sell.
Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto. - Jack Lu, CEO and Co-Founder of Magic Eden
