On August 28, 2024, Sui, a Layer 1 blockchain known for its high performance and infinite horizontal scaling, announced a partnership with Fordefi to enhance security for institutional users in decentralized finance (DeFi).

Fordefi becomes the first institutional-grade custody solution to integrate DeFi functionalities on the Sui blockchain.

This collaboration aims to provide asset managers, trading firms, and exchanges with reliable wallet-as-a-service capabilities, benefiting various institutional entities.

The partnership allows institutional users to self-custody their private keys while connecting to thousands of decentralized applications (dApps) across multiple blockchains.

Fordefi's platform simplifies digital asset management by consolidating operations into a unified interface, offering customizable policies for workflow protection.

Utilizing multiparty computation (MPC) technology, Fordefi creates a secure institutional wallet platform that enhances digital asset management.

Gap Kim, Global Head of Marketing for Sui Foundation, emphasized that Fordefi’s solution meets the demands of institutional users and enhances the Sui ecosystem.

Josh Schwartz, CEO of Fordefi, expressed excitement about the partnership, highlighting the benefits of secure self-custody and seamless dApp integration for institutional clients.