sui Partners with Copper Eyeing Custody Support for Stablecoin and RWA
Sui, one of the most famous Layer 1 blockchains, recently announced its partnership with Copper, a pioneer in the digital asset custody industry. According to a post by their community on X dated June 26, it was noted that the strategic move aims to streamline the custody infrastructure on the L1 blockchain.
This announcement quickly attracted significant attention from the wider industry and provided a glimmer of hope for stablecoin and RWA issuers on the L1 network. Let’s dig deeper into why.
Mixture of Sui and Copper to Raise L1 and L2
As mentioned above, promoting a revolutionary custody infrastructure will primarily help stablecoin and Real World Assets (RWA) issuers like Ondo (USDY) on the Sui network. Additionally, according to the community’s announcement, this support will be valid for both L1 and L2.
Further partnerships bring additional core infrastructure to the Sui network, meeting the needs of financial institutions seeking efficient treasury services for their tokens. “This introduces the first corporate guardian of Sui,” the community added to X.
Other services offered by Copper included off-chain exchange services for cryptocurrencies, staking, a DeFi stack, and others.
“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,” said Greg Siourounis, Managing Director of the Sui Foundation. That’s why Greg pointed out Copper’s “enterprise-grade storage tools” and suggested it was a game changer for the ecosystem’s potential to expand the infrastructure needs of enterprise builders and users.
Meanwhile, Copper CEO Dmitry Tokarev said: “We are excited to be part of the SUI ecosystem for which Copper is the custodian.” He also added that staking and DeFi features are currently in development.
Also Read: Custodia Bank CEO Predicts Bitcoin Bull Market Will ‘Roar’, Criticizes Warren Wing
Declines in Sui Prices
But unlike the progress mentioned above, SUI, the native token of the L1 network, has dropped significantly. The price chart showed a 2.82% decline today and is currently trading at $0.856.
The token’s 24-hour lows and highs are $0.8434 and $0.9005, in line with today’s broader market volatility. However, the partnership offers hope for blockchain’s future endeavors as it prepares to increase its user appeal.
Also Read: Binance Announces Migration of Major User Accounts by Year-End
✓ Share:
CoinGape consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Sui #Partners #Copper #Eyeing #Custody #Support #Stablecoin #RWA
