8 days ago
Magic Eden, a leading NFT marketplace, has announced the acquisition of Slingshot, a mobile-first crypto trading app, to expand its offerings beyond non-fungible tokens into the broader token trading market. This strategic move aims to position Magic Eden as a competitor to centralized exchanges by providing a platform for trading over 8 million tokens across multiple blockchains, including Bitcoin, Solana, Ethereum, Avalanche, and Base, with Bitcoin integration coming soon. Slingshot`s acquisition by Magic Eden is seen as a step towards fulfilling the vision of creating a seamless trading experience across all chains without the need for bridges or centralized exchanges. The app supports trading with a unified USDC balance, enhancing user experience by simplifying the process of trading across different blockchains. Slingshot also offers login via Apple Pay and has attracted 3.2 million monthly active users, generating $24 million in revenue. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
The Defiant
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Source: The Defiant
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