Cumberland, Fluid, and SwissBorg Join Leading Institutional Coalition on Hashi Ahead of July Global Testnet

Main Takeaways

• Hashi is scheduled to launch its global testnet this July. This critical operational checkpoint allows builders to prep and battle-test new financial services before full mainnet deployment.
• Liquidity giant Cumberland, digital asset platform SwissBorg, and decentralized lending and DEX protocol Fluid have joined the ecosystem, alongside 20+ marquee partners unveiled earlier this year, including BitGo, Blockdaemon, Bullish, Erebor Bank, FalconX, and Ledger.
• Marquee expansions announced as Hashi takes aim at more than $1 trillion of dormant Bitcoin capital, creating the foundation for Bitcoin-backed financial markets at institutional scale.

Today, Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely. 

Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.

But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral. These contracts undergo comprehensive formal verification, mathematically proving they behave as specified.

“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn't seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”

Built for Institutional Bitcoin Finance

Hashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui. 

Expanded Institutional Support

Three new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:

• Cumberland: One of the digital asset industry's largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning.
• SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending.
• Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid's participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui.

These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.

“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”

“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”

“The next phase of the industry's growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust," said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid's lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”

These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:

Custody & Wallet Access 

• BitGo: Institutional custody clients.
• Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers.
• Cubist: Cross-chain collateral infrastructure and transfer engine.
• Ledger: Retail/institutional self-custody.
• SwissBorg: UHNW European retail/institutional asset management and wallet interface.

Lending, Trading & Liquidity Providers

• Bullish: Institutional digital asset platform supplying liquidity.
• Cumberland: Leading institutional crypto market maker and liquidity provider.
• Erebor: OCC-chartered bank providing liquidity.
• FalconX: Institutional prime brokerage supplying liquidity.

DeFi & Lending Applications

• AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one.
• Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. 
• Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. 

Vaults & Asset Management

• Concrete by Blueprint Finance: Yield-infrastructure vault platform.
• Inveniam Capital: Real-World Asset (RWA) yield strategies.
• Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds.

Index Oracle, Insurance & Security Auditing

• CF Benchmarks: Crypto index provider distributing pricing data via oracles.
• Soter Insure: Native, Bitcoin-denominated institutional insurance.
• Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors.

The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.

Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.