In a move aimed at attracting institutional investment, the Sui blockchain has partnered with Copper, a leading crypto custody service provider. This collaboration, announced on June 26th, focuses on providing robust custody infrastructure for issuers of stablecoins and real-world assets (RWAs) on the Sui network.

The news sent ripples through the crypto industry, particularly exciting stablecoin and RWA issuers like Ondo (USDY), who operate on coins. This partnership signifies a significant step forward for Coin in its quest to bridge the gap between traditional finance and the opportunities offered by decentralized applications (dApps) built on its Layer 1 blockchain.

Streamlining Custody for Institutional Players

The partnership’s core objective is to revolutionize custody infrastructure for coin, specifically catering to stablecoin and RWA issuers. Notably, Copper’s support will extend to both Layer 1 (L1) and Layer 2 (L2) transactions on the Sui network, as highlighted in the community announcement.

This collaboration goes beyond just custody solutions. It signifies the addition of crucial infrastructure elements that cater to the specific needs of financial institutions seeking efficient treasury management for their token holdings on coins. As the coin community proudly announced, this partnership effectively introduces “Sui’s first institutional custodian.”

Copper’s offerings extend beyond basic custody, encompassing a wide range of services like off-chain settlement for cryptocurrencies, staking capabilities, and even a DeFi integration.

Building a More Robust Ecosystem

Expressing his enthusiasm, Greg Siourounis, Managing Director of the Sui Foundation, emphasized the potential of this partnership to unlock a wave of new projects and asset creation within both the Copper and Sui ecosystems. He specifically highlighted Copper’s “enterprise-grade custody tooling,” suggesting it could be a significant factor in attracting institutional builders and users who require robust infrastructure.

Dmitry Tokarev, CEO of Copper, echoed this sentiment, expressing his excitement about being part of the Sui ecosystem. He also hinted at future developments, revealing that staking and DeFi features are currently under construction.

Price Dip Amidst Broader Market Volatility

Despite the positive developments, the price of SUI, the native token of the Sui network, experienced a slight decline. At the time of writing, SUI is trading at $0.856, reflecting a 2.82% dip on the day. The token’s price movement aligns with broader market volatility, with its 24-hour lows and highs hovering around $0.8434 and $0.9005, respectively.

While the short-term price dip might raise concerns, the long-term outlook for the coin appears promising. The partnership with Copper paves the way for enhanced user adoption and a more robust ecosystem, ultimately propelling the Sui blockchain forward in its competitive landscape.

By Joadin Maina

Beyond the hype, I untangle the web3 revolution, guiding curious minds through the labyrinth of decentralized possibilities.