Magic Eden is buying crypto buying and selling app Slingshot to develop past NFTs and problem centralized exchanges (CEX) with a completely on-chain buying and selling expertise, in keeping with an April 9 press launch.
The acquisition marks a shift for Magic Eden, which constructed its identify as a number one digital asset and NFT market. Now, the corporate is aiming to change into what it calls “essentially the most in depth and all-encompassing buying and selling platform in crypto.”
Slingshot has attracted practically 1 million customers with its mobile-first interface, which simplifies cross-chain buying and selling. The app eliminates the necessity for bridging, usually a cumbersome and dangerous course of, by enabling token swaps throughout greater than 10 blockchains with instantaneous listings.
Magic Eden CEO and co-founder Jack Lu mentioned:
“This acquisition is a significant step ahead in advancing the Magic Eden imaginative and prescient, which is to offer customers worldwide with a seamless and protected means to purchase and promote crypto and digital belongings throughout all chains.”
The deal comes because the crypto trade, now valued at $2.5 trillion, continues to shift towards decentralized infrastructure, spurred by rising issues over transparency, safety, and person management.
Whereas centralized exchanges have dominated the area, critics argue they contradict the core ideas of crypto and sometimes create single factors of failure.
Slingshot has gained traction in current weeks as a result of it’s among the many solely platforms to checklist each token throughout a number of chains in real-time. It additionally goals to enchantment to newcomers by permitting signups with simply an e mail and supporting funds by Apple Pay, Venmo, PayPal, and credit score or debit playing cards.
The businesses plan to combine Slingshot’s instruments into Magic Eden’s platform, which is able to assist over 5 million tokens and provide upcoming entry to Bitcoin-native tokens. The mixed effort alerts a rising push inside the trade to supply options to centralized giants by giving customers extra management over their belongings with out sacrificing comfort or velocity.
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