The Sui Foundation, the developers of the SUI ecosystem, has announced its partnership with BitGo, a leading custody and security solutions provider. SUI token holders will be able to store and stake their assets using both custodial and non-custodial wallets on the BitGo platform.
According to Evan Cheng, chief executive officer of Mysten Labs and an initial contributor to the development of the Sui protocol, the Sui ecosystem needs to expand to attract a diverse user base that includes both organizations and individuals. He stated that the company’s partnership with BitGo is a step in that direction.
Cheng believes the partnership would significantly increase the number of users interacting with the Sui ecosystem and ultimately move the blockchain network toward its ultimate objective of achieving widespread Web3 adoption.
As part of the partnership, the Sui Foundation will hold its treasury with BitGo and stake a portion using BitGo’s wallets. BitGo is excited to be the first authorized custodian to offer custody and staking services to the entire Sui ecosystem, including SUI token holders.
According to Mike Belshe, the chief executive officer of BitGo, the company is glad to be the first authorized custodian to offer custody and staking services to the whole Sui ecosystem, including SUI token holders looking for a safe place to store and stake their assets.
Belshe stated:
“Sui Foundation has connected an extensive network of developers and institutions that are committed to furthering Sui, the Open Web, and Web3 evolution, and we are excited to deliver community members safe and reliable custody and staking services for their SUI tokens.”
The addition of SUI to BitGo’s growing list of over 600 supported tokens highlights the increasing demand among institutions for access to swift and intricate blockchains and their native tokens.
Sal Ternullo, a partner at Warburg Serres Investments, expressed his excitement to see BitGo introduce custody, execution, and staking for SUI, offering institutional-calibre services to support one of the most exciting, rapidly expanding Layer 1 protocols on the market. Ternullo stated his organization’s eagerness to continue investing in the Sui ecosystem throughout this upcoming growth and development phase and look forward to doing so by utilizing BitGo’s services.
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