Magic Eden, a prominent NFT marketplace valued at $1.6 billion in 2022, has acquired Slingshot Finance, a mobile-first crypto trading app. This acquisition marks Magic Eden's entry into broader token trading, aiming to rival centralized exchanges by enabling trading across millions of tokens on over 10 blockchains, including Solana, Ethereum, and Bitcoin (coming soon). According to Magic Eden CEO Jack Lu, integrating Slingshot's technology will allow users to trade over 5 million tokens seamlessly. Slingshot, established in 2020, boasts nearly 1 million users and has secured $33 million in funding. The acquisition is complete, with the entire Slingshot team joining Magic Eden. This strategic move underscores Magic Eden's commitment to providing a comprehensive platform for digital asset trading.
Magic Eden Acquires Slingshot Finance to Expand Cross-Chain Trading Capabilities
Edited by: Yuliya Shumai
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