The Sui Foundation announces BitGo as the first custodial partner for its digital assets, consisting of the SUI tokens allocated to the Sui Foundation’s community reserve. As a qualified custodian, BitGo manages over 600 digital token types, handling security, custody, and liquidity. The Sui Foundation serves to educate developers and promote use of the Sui network, a new layer 1 blockchain using SUI as its token.
The Sui network, currently under development and expected to launch its Mainnet in the first half of 2023, offers low latency, low gas fees, and scalability. With a Discord channel boasting over 600,000 members, Sui is highly anticipated among developers.
Created to support the Sui ecosystem, the Sui Foundation engages in programs including developer grants, conferences, education, and developer outreach. Upon Mainnet launch, the Foundation will stake a portion of its assets to network validators.
BitGo, founded in 2013, will support the SUI token in its multisignature 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.