BitGo extended support for Sui ecosystem, adding custody for NS and DeepBook, and enhancing decentralized identity & trading services.
Key Notes
- BitGo added custody support for Sui Naming Service (NS) and DeepBook (DEEP), enhancing secure storage for these tokens.
- Sui Naming Service simplifies blockchain addresses, while DeepBook provides decentralized, on-chain order book trading with low fees.
- BitGo’s expanded support strengthens its role in securing emerging blockchain assets and promotes institutional adoption of the Sui ecosystem.
BitGo has announced custody support for two new tokens in the Sui Network ecosystem: Sui Naming Service (NS) and DeepBook (DEEP).
BitGo was the first company in 2023 to offer custody and staking services for SUI, the native token of the Sui Network. This blockchain platform has the reputation of being fast and having low transaction fees. This time around, BitGo is getting more involved with Sui by supporting two new projects: Sui Naming Service and DeepBook. The company stated:
“Today, we’re pleased to further strengthen our relationship with the Sui ecosystem by supporting the new assets NS and DEEP—two projects that support Sui’s infrastructure and the broader Web3 ecosystem.”
Sui Naming Service (NS) makes blockchain addresses on the Sui network more human-readable. Institutions can leverage it to create a unique identity structure. Holders of the NS token can also participate in project governance, that is, have a say in crucial proposals that could shape the Sui Network.
DeepBook is another major addition to the Sui Network, serving as a decentralized central limit order book. It operates fully on-chain, leveraging the Sui blockchain’s parallel processing capabilities to handle trades with low fees and fast execution. This allows for efficient order routing, matching, and settlement in a transparent, decentralized manner. DeepBook is built to be highly flexible and easy to work with, which makes it important for creating decentralized financial apps.
BitGo’s Custody Support for NS and DEEP
By extending custody services to include NS and DEEP, BitGo enables users to securely store these tokens in cold and hot wallets. This ensures businesses, banks, and exchanges using BitGo’s infrastructure can safely manage their assets while benefiting from the growing Sui ecosystem. The digital asset company further stated that the move is part of its mission to empower institutions within the DeFi space. They stated:
“With our secure custody solutions, institutions can now store NS and DEEP tokens with confidence… This is the next step in empowering institutions in DeFi and decentralized identity.”
BitGo has become a key player in securing emerging blockchain assets. It currently secures around 20% of all on-chain Bitcoin transactions by value. The company has grown to become the biggest independent digital asset custodian.
Its expanded support is crucial for the broader adoption of the Sui Network and its associated technologies. As the Sui ecosystem continues to grow, secure storage options provided by BitGo will play a pivotal role in attracting institutional investors and developers.
The integration of Sui Naming Service and DeepBook also signals the growing importance of Web3 technologies, where decentralized identity and on-chain trading are central to finance’s future. This new development will further position the company well in taking the lead in supporting innovative blockchain ecosystems like Sui.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.
