Sui, one of the most renowned Layer 1 blockchains, has recently announced its partnership with Copper, a pioneer in the digital asset custody industry. According to a post revealed by their communities on X, dated June 26, it was pointed out that the strategic mover was aimed at streamlining custody infrastructure across the L1 blockchain.
This announcement soon gained significant traction across the broader industry, glimmering hope for stablecoin and RWA issuers across the L1 network. Let’s delve deeper into why.
Sui & Copper Amalgamation To Jack Up L1 & L2
As mentioned above, fostering a revolutionalized custody infrastructure will primarily aid stablecoin and Real-World Asset (RWA) issuers on the Sui network, such as Ondo (USDY). Moreover, this support will be available for both L1 and L2, per the community’s announcement.
The partnership further brings additional foundational infrastructure to the Sui network, catering to the needs of financial institutions eyeing efficient treasury services for their tokens. This “introduces Sui’s first institutional custodian,” the community added on X.
Other services offered by Copper included off-chain settlement services for cryptos, staking, and a DeFi stack, among many others.
Managing Director of the Sui Foundation, Greg Siourounis, proclaimed, “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.” Also, Greg spotlighted Copper’s “enterprise-grade custody tooling,” hinting it to be a game changer for the ecosystem’s potential to jack up the infrastructural needs of institutional builders and users.
Meanwhile, Copper CEO Dmitry Tokarev stated, “We’re excited to be a part of the SUI ecosystem with Copper as custodian.” He further added that the staking and DeFi features are currently in developmental phases.
Also Read: Custodia Bank CEO Predicts “Rip Roaring” Bitcoin Bull Market, Slams Warren Wing
Sui Price Plunges
However, contrary to the abovementioned advancement, SUI, the native token of the L1 network, fell considerably. Its price chart showed a 2.82% dip today and is currently trading at $0.856.
The token’s 24-hour lows and peaks are $0.8434 and $0.9005, aligning with today’s broader market volatility. Nonetheless, the partnership glimmers hope for the blockchain’s future endeavors as it readies to enhance user appeal.
Also Read: Binance Announces Major User Accounts Transition By Year End
✓ Share:
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
