Sui has taken an important step in providing support to founders of the Sui ecosystem by forming a strategic partnership with Franklin Templeton Digital Assets. This announcement stands out as a notable development in the altcoin world.
As Bitcoin (BTC) approaches the $98,809 level and moves towards reaching $100,000, altcoins are working hard to benefit from this process. It was stated that major partnerships, technological updates and more will be announced throughout November and December. Today's important development came from the SUI Coin front.
SUI Coin and Franklin Templeton Partnership
Franklin Templeton, which has long been interested in the cryptocurrency space, is a giant investment firm that manages trillions of dollars in assets. Today, Sui aims to provide support to the founders of its ecosystem by signing a strategic partnership with Franklin Templeton Digital Assets. This giant, which has been developing blockchain-based solutions since 2018, continues to expand its presence in the crypto space.
In the Sui ecosystem, Franklin Templeton’s team plans to launch several innovative projects, including new capabilities on DeFi platforms, such as a Deepbook, similar to the limited order book on centralized exchanges, and cross-chain structures that run seamlessly in the background.
The SUI Coin team made the following statement in the announcement:
“The partnership with Franklin Templeton reflects the growing interest in cryptocurrencies among global investment firms. Earlier this year, asset management firm Grayscale joined the Sui ecosystem by establishing the Grayscale SUI Trust. Additionally, many stablecoins such as USDC, FDUSD, and AUSD have also started trading on Sui.”
Sui Mainnet has seen rapid growth in the DeFi industry since its launch in May 2023. Over the past year, the total value locked (TVL) has increased by 675% and DeFi transaction volume has increased by 956%. DeFi projects on Sui benefit greatly from its massive parallelization capacity, low transaction fees, and fast transaction processing times.