Sway Announces Partnership with Franklin Templeton to Boost Blockchain Development
November 22, 2024
Sway, a layer-1 network, has announced a new partnership with investment firm Franklin Templeton. The partnership includes investing capital in Sway and supporting the company’s blockchain development.
Despite some vague details, the nature of the working relationship between the two companies remains unclear.
Partnership with Franklin Templeton
Sui, a prominent layer-1 blockchain, has recently partnered with investment firm Franklin Templeton. The partnership will prioritize supporting the developer ecosystem rather than focusing directly on Sui’s development. The company claims that Franklin Templeton has been supporting blockchain projects since 2018, and its CEO has been an advocate for blockchain technology.
“Franklin Templeton Digital Assets has previously invested in the Sui ecosystem, and this new partnership will provide additional benefit by exploring value creation opportunities to allow Sui builders to deploy new technology on-chain,” Sui claimed in a social media post.
So far, the company has not publicly disclosed very specific details about the blockchain developments planned for the partnership. Instead, the company has discussed several of its current projects that have caught Franklin Templeton’s attention: a centralized order book for DeFi, a decentralized mobile carrier, and the MPC network.
However, this information provides some clues about the investment firm’s intentions. Earlier this year, Franklin Templeton explored DePin’s projects, seeing them as a potentially lucrative development area. The firm has also been investing heavily in the token. Sway could help support blockchain developers in these areas, especially DePin.
SUI, for its part, has been performing well lately. It has seen a remarkable bull run, rising 74% in a single month before hitting an all-time high on November 20. Yesterday, the blockchain stopped producing blocks for nearly two hours, but its token price has remained impressively stable. These fundamentals could make SUI an attractive partner for Franklin Templeton.
Franklin Templeton has yet to make any direct announcements about this partnership. Additionally, Sui has published a more advanced press release here , but it doesn’t contain significantly different information than the main points of its main announcement. Suffice to say, Franklin Templeton is investing in the development of the Sui blockchain.
