Sui and 21Shares have solidified their partnership with renewed efforts to increase the adoption of the Sui on a global scale as institutions show increased interest and a major increase in the on-chain activity.
The strategic partnership between the layer-1 blockchain and the Switzerland based exchange-traded product (ETP) provider has been officially announced on May 14, indicating the closer relationship between the two companies after the initial news on May 1. Sui reports that among the initiatives to be supported by 21Shares, there will be joint product development and research.
“Partnering with Sui speaks to where we see the future of blockchain infrastructure heading,” said Federico Brokate, who leads U.S. business operations at 21Shares. He added, “We believe Sui has the technical underpinnings, DeFi and developer ecosystems, and institutional alignment to play a central role in crypto for a long time.”
The renewal of this engagement is considered to be one of the moves that 21Shares has made as part of its strategic foray into the American market because it builds upon the infrastructure that Sui offers to go beyond its European imprint. “We’ve teamed up with @21Shares / @21Shares_US for next-level product collaborations, research reports, and other initiatives,” Sui said in a X post earlier today.
The news comes at the time when Sui’s decentralized finance ecosystem sees tremendous growth. According to the statistics on DeFiLlama, Sui has now become the eighth biggest blockchain network with the total value locked (TVL) amounting to almost $2.06 billion – a 70% increase over the last month.
Moreover, at the Sui Basecamp conference, Duncan Moir, the president of 21Shares, also lauded Sui. He said, “Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry… our planned roadmap with Sui is a reflection of both conviction and investor demand.”
Also, earlier this month, 21Shares filed for a SUI ETF with the U.S. Secueities and Exchange Commission (SEC). This indicates the growing level of collaboration between Sui and 21Shares.
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