Sui Partners with Copper to Streamline Custody Infrastructure
Partnership Announced on June 26, Sparking Hope for Stablecoin and RWA Issuers
Sui, a leading Layer 1 blockchain, has recently formed a partnership with Copper, a pioneer in the digital asset custody industry. According to a post shared by their communities on June 26, the strategic move aims to streamline custody infrastructure across the L1 blockchain. This announcement has gained significant traction across the broader industry, offering hope for stablecoin and Real-World Asset (RWA) issuers on the Sui network.
The Sui and Copper Amalgamation: Revolutionizing Custody Infrastructure
This partnership will primarily benefit stablecoin and RWA issuers on the Sui network, such as Ondo (USDY). Additionally, this support will be available for both L1 and L2, as per the community’s announcement. The partnership brings additional foundational infrastructure to the Sui network, catering to the needs of financial institutions seeking efficient treasury services for their tokens.
Copper offers various services, including off-chain settlement services for cryptocurrencies, staking, and a DeFi stack, among others. This partnership introduces Sui’s first institutional custodian, the community added on X.
Foundational Infrastructure and Potential Growth
Managing Director of the Sui Foundation, Greg Siourounis, stated, “We are truly excited about the number and diversity of new projects and assets this partnership will enable for both the Copper and Sui ecosystems.” He highlighted Copper’s “enterprise-grade custody tooling,” suggesting it will be a game-changer for the ecosystem’s potential to support institutional builders and users.
Copper CEO Dmitry Tokarev expressed his enthusiasm for the partnership, saying, “We’re excited to be a part of the SUI ecosystem with Copper as custodian.” He also mentioned that the staking and DeFi features are currently in development phases.
Implications and Future Growth
This partnership has the potential to revolutionize the way custody infrastructure is managed across the L1 blockchain. By providing efficient and reliable custody services, Sui aims to attract more institutional investors and build a robust ecosystem.
Sui Token Price: A 2.82% Dip
Despite the promising partnership, the native token of the L1 network, SUI, has experienced a 2.82% price dip today. The token’s 24-hour lows and peaks are $0.8434 and $0.9005, aligning with the broader market volatility.
Conclusion
The partnership between Sui and Copper marks a significant milestone in the development of the L1 blockchain. This collaboration has the potential to streamline custody infrastructure, attract more institutional investors, and promote the growth of the Sui ecosystem. As the partnership unfolds, we can expect to see significant advancements in the realm of custody infrastructure and DeFi applications.
FAQs
Q: What is the main goal of the Sui and Copper partnership?
A: The main goal is to streamline custody infrastructure across the L1 blockchain, primarily benefiting stablecoin and RWA issuers on the Sui network.
Q: Which services will Copper offer to the Sui ecosystem?
A: Copper will offer various services, including off-chain settlement services for cryptocurrencies, staking, and a DeFi stack, among others.
Q: Will this partnership benefit institutional investors?
A: Yes, the partnership will cater to the needs of financial institutions seeking efficient treasury services for their tokens, introducing Sui’s first institutional custodian.
Q: What is the current price of the Sui token?
A: As of today, the SUI token price has experienced a 2.82% dip, trading at $0.856.
