The Sui network is entering a new strategic partnership with $1.5 trillion asset manager Franklin Templeton Digital Assets. Through the partnership, Franklin Templeton will support Sui ecosystem builders and deploy novel technologies, according to a Sui press release.
The new partnership focuses on supporting Sui ecosystem builders and deploying novel technologies leveraging the Sui blockchain protocol. Franklin Templeton isn’t the first global investment company to show interest in Sui’s ecosystem. Earlier this year, Grayscale established the Grayscale SUI Trust. Additionally, multiple stablecoins, such as USDC, FDUSD, and AUSD, have launched on Sui.
“Sui was originally inspired by some of the challenges Franklin Templeton Digital Assets is helping to solve, particularly those that exist within decentralized finance today,” said Jameel Khalfan, Head of Sui’s Ecosystem Development. “Their interest in Sui’s groundbreaking technology feels not only validating but as though Sui has come full circle.”
Since Sui Mainnet’s launch in May 2023, the network has shown rapid growth in the DeFi sector. Over the past year, it recorded 675 percent growth in total value locked (TVL) and 956 percent in DeFi volume. DeFi projects on Sui benefit greatly from its massive parallelization, minimizing transaction latency, quick transaction processing times, and consistently low gas fees.
Franklin Templeton has been growing its footstep in the digital asset industry since 2018. As one of the largest asset managers in the world, blockchain is crucial to Franklin Templeton’s growth in the sector. It has set up multiple teams to support the ecosystems that the firm invests in, including Sui.