The Sui Foundation and BitGo Partnership
The Sui Foundation has officially declared BitGo as its initial custodial partner for safeguarding its digital assets, which comprise the SUI tokens that have been assigned to the Sui Foundation’s community reserve.
With expertise in managing over 600 digital token types and providing security, custody, and liquidity services. BitGo stands out as a qualified custodian. Meanwhile, the Sui Foundation has taken up the task of educating developers. And encouraging the utilization of the Sui network, a novel layer 1 blockchain based on the SUI token.
Anticipation is high among developers for the launch of the Sui network. Which is presently under development and slated to release its Mainnet in H1 2023. Due to its scalability, low latency, and low gas fees. The project has already gathered over 600,000 members on its Discord channel.
The Sui Foundation’s mission is to bolster the Sui ecosystem, which it achieves through a range of initiatives. Such as developer grants, conferences, education, and outreach. Upon the Mainnet launch, the Foundation will allocate a part of its assets towards staking with network validators.
BitGo, founded in 2013, will support the SUI token in its multi signature wallet. Opening its own services to Sui network users at Mainnet launch.
“BitGo is excited to become the first qualified custodian to provide custody and staking services to the entire Sui ecosystem, including holders of the SUI token who are seeking a secure way to store and stake their assets,” said Mike Belshe, Chief Executive Officer of BitGo. “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.”
Acquiring the services of an experienced digital asset manager ensures security and adherence to financial regulations. The Sui Foundation’s choice of BitGo shows a forward-thinking mindset towards a new era of mainstream decentralized financial operations.
About The Sui Foundation
Sui is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers. To build experiences that cater to the next billion users in web3. Sui is horizontally scalable to support a wide range of application development with unrivaled speed at low cost.
About BitGo
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing. And lending, and core infrastructure to investors and builders alike.
SOURCE: SUI BLOG
