The Layer 1 blockchain Sui has teamed with Copper, a renowned crypto custody provider, to simplify stablecoin and RWA issuer operations.
Copper, a pioneer in the digital asset custody industry, has recently declared its partnership with Sui, one of the most renowned Layer 1 blockchains.
The strategic mover was intended to simplify custody infrastructure throughout the L1 blockchain, as indicated by a post on X from their respective communities on June 26.
This announcement quickly garnered significant traction in the broader industry, creating a glimmer of hope for stablecoin and RWA issuers along the L1 network.
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, the community has announced that this support will be accessible for both L1 and L2.
In addition, the partnership expands the Sui network’s foundational infrastructure to meet the requirements of financial institutions seeking efficient treasury services for their tokens.
The community added on X that this “introduces Sui’s first institutional custodian.”
Copper provided various services, including off-chain settlement services for cryptos, staking, and a DeFi stack, among 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.”
Additionally, Greg emphasized Copper’s “enterprise-grade custody tooling,” suggesting that it has the potential to revolutionize the ecosystem by enhancing the infrastructural requirements 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.”
In addition, he stated that the staking and DeFi features are presently in the developmental stages.
Sui Price Plunges
However, in contrast to the abovementioned development, SUI, the L1 network’s native token, dipped significantly.
Today, its price trajectory indicated a 2.82% decline, and it is currently trading at $0.856.
The token’s 24-hour lows and peaks are $0.8434 and $0.9005, respectively, which are consistent with the current broader market volatility.
However, the partnership offers a glimmer of hope for the blockchain’s future endeavors as it prepares to improve its user appeal.