Founded in 2020, Slingshot has attracted nearly 1 million users and raised $33 million in funding from notable investors, including Coinbase Ventures.

The Slingshot app has seen significant downloads on Android, indicating a growing user base and interest in its features.

Integrating Slingshot's tools into Magic Eden is expected to provide access to over 5 million tokens, enhancing user control over their assets.

Magic Eden has announced its acquisition of Slingshot, a prominent crypto trading app, to bolster its cross-chain trading capabilities.

This acquisition, revealed in a press release on April 9, 2025, marks a strategic pivot for Magic Eden, which has primarily focused on its digital asset and NFT marketplace.

The move is part of a broader trend among NFT marketplaces to diversify their offerings as trading volumes have stagnated.

Slingshot operates as a decentralized finance (DeFi) application, ensuring secure and transparent transactions by removing reliance on central authorities.

Both Magic Eden and Slingshot will maintain independent operations initially, but increased connectivity is expected over time.

Despite the decline in NFT trading volumes, Magic Eden's CEO, Jack Lu, remains optimistic about the future of NFTs, citing a revenue of $75 million last year.

Slingshot's platform allows for fast trading across multiple chains without the need for bridging tokens, a feature that appeals to users.

Clinton Bembry, CEO of Slingshot, expressed enthusiasm about the partnership, emphasizing a commitment to decentralization and accessibility in crypto trading.

Through this acquisition, Magic Eden aims to position itself as 'the most extensive and all-encompassing trading platform in crypto', tapping into the $2.5 trillion crypto industry.