World Liberty Financial, the Donald Trump-linked cryptocurrency platform, is partnering with Sui for a "strategic reserve deal," the layer-1 blockchain announced Thursday.
Key Takeaways:
- World Liberty Financial is partnering with Sui to integrate its native token into a strategic reserve, aiming to explore new product development opportunities.
- The announcement led to a greater than 16 percent surge in SUI's value, reflecting a strong market reaction to the partnership.
- The deal comes as World Liberty Financial expands its crypto holdings and as industry leaders prepare for the White House Crypto Summit this Friday.
According to a March 6 blog post on Sui's website, the two digital asset organizations will "explore product development opportunities" as well as plans for World Liberty Financial to incorporate Sui's native token in its token reserve.
World Liberty Financial And Sui Team Up
Shortly following the announcement on Thursday morning, the value of SUI surged over 16 percent.
"We chose Sui for its American-born innovation combined with impressive scale and adoption," said Zak Folkman, co-founder of World Liberty Financial. "It is a natural complement to our mission of bringing decentralized finance to more Americans."
"Given our plans to support foundational DeFi assets in the coming months, collaborating with Sui was an obvious decision," he added.
News of Sui's collaboration with World Liberty Financial comes after the Trump-affiliate crypto project upped its cryptocurrency holdings to the tune of $21.5 million ahead of this Friday's White House Crypto Summit.
Hours ago, Trump's project @worldlibertyfi made a $25M crypto play
— Nansen
$10M $ETH
$10M $WBTC
$1.5M $MOVE
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