For its digital assets, which include the SUI tokens allocated to the Sui Foundation’s community reserve, the Sui Foundation has announced BitGo as the first custodian partner. In its capacity as an accredited custodian, BitGo will oversee the security, custody, and liquidity of over 600 different types of digital tokens. A new layer 1 blockchain that uses SUI as its token, the Sui Network is promoted by the Sui Foundation, which also provides education to developers about it.
The news came to light shortly after Sui partnered with BitGo to offer custodian and staking services. In addition to its previous partnership role BitGo will offer digital asset management services to the Sui foundation.
Speaking on this, the CEO of BitGo, Mike Belshe, revealed that “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.” He further expressed his excitement to provide community members with secure and trustworthy custody and staking services for their SUI tokens. He also cited the success of the Sui Foundation in establishing an array network of developers and organizations who are dedicated to advancing Sui, the Open Web, and Web3 technology.
The Sui network, currently in its development stage, provides low latency, low gas costs, and scalability. It is anticipated to launch its Mainnet in the first half of 2023. Sui is highly anticipated among developers, and it has a Discord channel with over 600,000 subscribers.
The Sui Foundation, which was established to assist the Sui ecosystem, engages in initiatives such as developer outreach, conferences, conferences, and education. The Foundation will entrust a portion of its resources to network validators upon the launch of the Mainnet.
The 2013-founded BitGo will support the SUI token via its multi-signature wallet, allowing Sui network users access its services at the Mainnet launch.
To ensure security and compliance with financial regulations, it is pertinent to hire the services of an experienced digital asset manager. It can be said that the Sui Foundation’s selection of BitGo demonstrates the foundation’s forward-thinking attitude toward a new age of widely accepted decentralized financial operations.
