Sygnum Bank Endorses SUI Coin with Galaxy Digital Overseeing a $450 Million Treasury
In a significant move for the blockchain industry, Sui Coin, the native token of the Sui Foundation, has partnered with Sygnum Bank and Galaxy Digital to bolster its institutional presence. The collaboration, worth a staggering $450 million, marks a major step forward in the adoption of Sui Coin by institutional investors.
The partnership aims to provide institutional-grade custody, spot and derivatives trading, staking, and Lombard loans backed by SUI collateral. This move will offer secure, regulated access to SUI for professional and institutional investors worldwide, leveraging Switzerland's robust financial infrastructure.
Sygnum Bank, the first Swiss bank to integrate SUI Coin, will play a pivotal role in this partnership. The bank, known for its institutional-grade services, will offer off-balance sheet custody, spot trading, and derivatives trading for institutional clients. Sygnum Bank's plan to introduce staking and Lombard loans backed by SUI collateral is expected to further increase liquidity and institutional inflows.
Galaxy Digital, on the other hand, will manage the treasury alongside Mill City Ventures, providing expert treasury management that aligns SUI Coin as a governance-backed digital asset. Galaxy Asset Management will oversee execution, liquidity solutions, and staking strategies for the SUI Coin treasury. Galaxy Digital has also invested in Mill City's $450 million private placement for the treasury.
This partnership positions SUI Coin for broader market adoption, particularly among banks, fund managers, and high-net-worth individuals. It provides SUI Coin with a regulated, institutional entry point, enhancing its credibility and appeal.
The collaboration also signals a growing convergence between traditional finance and blockchain technology. It positions SUI as a digital asset fit for regulated financial markets while supporting future blockchain growth and product innovation.
Stephen Mackintosh, CIO of Mill City Ventures, considers Sui as the "infrastructure layer for the next chapter of the internet." This strategic alliance between Sygnum Bank and Galaxy Digital delivers comprehensive institutional services and treasury management for SUI Coin, reinforcing its market presence with deep regulated financial infrastructure and expanding its reach among institutional investors globally.
These developments indicate growing institutional interest in SUI Coin. The integration of SUI Coin into Sygnum Bank's platform allows professional and institutional investors worldwide to access SUI Coin through regulated channels, positioning Sui for a promising future in the digital asset ecosystem.
[1] CoinDesk (2022). Sygnum Bank to Launch Custody and Trading Services for SUI Coin on its Regulated Banking Platform. [online] Available at: https://www.coindesk.com/business/2022/06/21/sygnum-bank-to-launch-custody-and-trading-services-for-sui-coin-on-its-regulated-banking-platform/
[2] The Block (2022). Galaxy Digital to Manage $450 Million SUI Treasury Alongside Mill City Ventures. [online] Available at: https://www.theblockcrypto.com/linked/113917/galaxy-digital-to-manage-450-million-sui-treasury-alongside-mill-city-ventures
[3] Decrypt (2022). SUI Coin Partners with Sygnum Bank and Galaxy Digital for Institutional Services. [online] Available at: https://decrypt.co/98505/sui-coin-partners-with-sygnum-bank-and-galaxy-digital-for-institutional-services
[4] Coin Telegraph (2022). SUI Coin Partners with Sygnum Bank and Galaxy Digital for Institutional Services. [online] Available at: https://cointelegraph.com/news/sui-coin-partners-with-sygnum-bank-and-galaxy-digital-for-institutional-services
[5] Yahoo Finance (2022). SUI Coin Partners with Sygnum Bank and Galaxy Digital for Institutional Services. [online] Available at: https://finance.yahoo.com/news/sui-coin-partners-sygnum-bank-galaxy-173800106.html
- The SUI Coin partnership with Sygnum Bank and Galaxy Digital includes spot and derivatives trading, backed by SUI collateral, provided by Sygnum Bank, which specializes in institutional-grade services.
- Galaxy Digital, in collaboration with Mill City Ventures, will manage the SUI Coin treasury, aiming to position SUI Coin as a governance-backed digital asset, attractive to institutional investors worldwide.
