Sui, a layer 1 network, announced a new partnership with investment firm Franklin Templeton. This partnership includes an equity investment in Sui and support for the company’s blockchain development.
Despite some vague details, the exact nature of the working relationship between the two companies remains unclear.
Sui Partners Franklin Templeton
Sui, the prominent layer 1 blockchain, recently partnered with investment firm Franklin Templeton. This partnership will prioritize supporting a developer ecosystem rather than focusing directly on SUI development. The company claimed that Franklin Templeton has been supporting blockchain projects since 2018 and that its CEO has embraced blockchain technology.
“Franklin Templeton Digital Assets has already invested in the Sui ecosystem, and this new partnership will provide additional benefits by seeking value creation opportunities to enable Sui builders to deploy new on-chain technologies,” Sui said in a publication on social networks.
For now, the company has publicly revealed very few exact details about the planned blockchain developments under the partnership. Instead, the company discussed several of its existing projects that caught Franklin Templeton’s attention: its central DeFi order book, a decentralized mobile operator, and an MPC network.
This information nevertheless provides some clues about the intentions of the investment firm. Earlier this year, Franklin Templeton explored DePin projects, seeing them as a possible lucrative area of development. The company has also invested heavily in tokenization. This could help Sui by supporting its blockchain developers in these areas, particularly DePin.
Sui, for her part, has been doing pretty well lately. It recently experienced a remarkable rise, climbing 74% in one month before reaching an all-time high on November 20. Yesterday, its blockchain stopped producing blocks for almost two hours, but its token price remained incredibly stable. These fundamentals could make Sui an attractive partner for Franklin Templeton.
Franklin Templeton has not yet made a direct announcement regarding this partnership. Sui also issued a more detailed press release, but it did not contain information materially different from the talking points in its main announcement. Suffice it to say that Franklin Templeton is investing in the development of the Sui blockchain.
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