Sui partners with 21Shares to expand global adoption of its blockchain, including a U.S. spot ETF filing and new investment products
21Shares, a prominent provider of cryptocurrency exchange-traded products, is collaborating with Sui to increase the accessibility of the blockchain network’s native token to a broader audience.
The exchange-traded funds issuer, 21Shares, has entered into a strategic partnership with Sui to facilitate the global expansion of SUI’s adoption.
The ETP provider, which has a substantial digital assets presence in Europe, seeks to expand into the U.S. market. This collaboration was announced on Wednesday, May 14.
21Shares, which is headquartered in Switzerland, is employing Sui to penetrate the American market, as per the Sui team. The SUI token may experience additional growth due to the institutional adoption of Sui and the recent momentum for decentralized finance and real-world assets.
Federico Brokate, head of U.S. business at 21Share, said:
“Partnering with Sui speaks to where we see the future of blockchain infrastructure heading,”. “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.”
21Shares’ entry into the U.S. market has been facilitated by its partnership with Sui, which has become increasingly appealing in light of Donald Trump’s administration’s pro-crypto stance.
During the annual Sui Basecamp conference, Duncan Moir, the president of 21Shares, stated the following:
“Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out. We operate based on conviction but also investor demand, and our planned roadmap with Sui is a reflection of both.”
Blockchain at the layer one level Sui is gaining significant traction as developers capitalize on its network speed and scalability, which enable transaction execution with sub-second finality.
Sui is presently the eighth-largest chain by TVL, with a total value of approximately $2.06 billion in protocols, according to DeFiLlama. In the past month, the TVL of the L1 blockchain has increased by nearly 70%.
