Magic Eden acquires Slingshot to expand into on-chain trading, diversify beyond NFTs

Magic Eden is acquiring crypto trading app Slingshot to expand beyond NFTs and challenge centralized exchanges (CEX) with a fully on-chain trading experience, according to an April 9 press release.

The acquisition marks a shift for Magic Eden, which built its name as a leading digital asset and NFT marketplace. Now, the company is aiming to become what it calls “the most extensive and all-encompassing trading platform in crypto.”

Slingshot has attracted nearly 1 million users with its mobile-first interface, which simplifies cross-chain trading. The app eliminates the need for bridging, typically a cumbersome and risky process, by enabling token swaps across more than 10 blockchains with instant listings.

Magic Eden CEO and co-founder Jack Lu said:

“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.”

The deal comes as the crypto industry, now valued at $2.5 trillion, continues to shift toward decentralized infrastructure, spurred by growing concerns over transparency, security, and user control.

While centralized exchanges have dominated the space, critics argue they contradict the core principles of crypto and often create single points of failure.

Slingshot has gained traction in recent weeks because it is among the only platforms to list every token across multiple chains in real-time. It also aims to appeal to newcomers by allowing signups with just an email and supporting payments through Apple Pay, Venmo, PayPal, and credit or debit cards.

The companies plan to integrate Slingshot’s tools into Magic Eden’s platform, which will support over 5 million tokens and offer upcoming access to Bitcoin-native tokens. The combined effort signals a growing push within the industry to offer alternatives to centralized giants by giving users more control over their assets without sacrificing convenience or speed.

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