Layer 1 (L1) network Sui has announced a new partnership with investment firm Franklin Templeton. The partnership includes an equity investment in Sui and support for the company’s blockchain development.
Despite some vague details, the exact nature of the working relationship between the two companies remains unclear.
Sui partners with Franklin Templeton
Sui, a prominent L1 blockchain, recently partnered with investment firm Franklin Templeton. The partnership will prioritize supporting a developer ecosystem rather than focusing directly on SUI’s development. The company stated 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 already invested in the Sui ecosystem, and this new partnership will provide further benefits by seeking value creation opportunities to enable Sui developers to implement innovative onchain technology, Sui said in a social media post.
Still, the company has publicly revealed few exact details about the partnership’s planned blockchain developments. Instead, the company discussed several of its existing projects that have attracted Franklin Templeton’s attention: its DeFi central order book, a decentralized mobile operator, and an MPC network.
However, this information does provide some clues about the investment firm’s intentions. Earlier this year, Franklin Templeton explored the DePin project, considering it a potentially lucrative area of development. The firm has also been investing heavily in tokenization. It may help Sui by supporting its blockchain developers in these areas, especially DePin.
Sui, on the other hand, has been doing very well lately. It recently had a major rally, rising 74% in a month before hitting an all-time high on November 20. Yesterday (21), its blockchain stopped producing blocks for almost two hours, but the price of its token remained stable. These fundamentals could make Sui an attractive partner for Franklin Templeton.
Sui's One-Month Bull Run. Source: BeInCrypto
Franklin Templeton has yet to make any direct announcements about this partnership. Sui also issued a more detailed press release, but it did not contain any materially different information than the main points in its initial announcement. Suffice it to say that Franklin Templeton is investing in the development of the Sui blockchain.
The article Sui and Franklin Templeton form blockchain partnership; check it out was first seen on BeInCrypto Brasil.
