Finance
Fordefi Unveils First Institutional-Grade MPC Wallet for DeFi on Sui
Global Banking & Finance Review®
Company
Grand Cayman, Cayman Islands, August 28th, 2024, Chainwire
Grand Cayman, Cayman Islands, August 28th, 2024, Chainwire
Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced that it has joined forces with Fordefi, a company that employs multiparty computation (MPC) technology to deliver a secure institutional wallet platform for DeFi. Fordefi’s comprehensive platform and Web3 gateway provide an enterprise grade solution enabling builders, traders, and operators to self-custody their private keys, seamlessly connect to thousands of decentralized applications (dApps) across any blockchain, and manage digital asset operations with granular policies and a unified interface.
Fordefi’s integration with Sui enables institutional users to securely self-custody their private keys and connect to thousands of dApps across various blockchains, ensuring complete control over their digital assets, enhancing operational efficiency, and dramatically simplifying digital asset management. The platform also offers customizable policies to protect workflows and consolidates all digital asset operations into a unified interface, providing a comprehensive and user-friendly asset management solution.
“Sui’s scalable, secure platform is uniquely suited to meet the demands of institutional users,” said Gap Kim, Global Head of Marketing for Sui Foundation. “By providing a secure, institutional-grade custody solution and seamless access to DeFi features, Fordefi empowers asset managers, trading firms, and exchanges to fully leverage Sui’s capabilities, enhancing the Sui ecosystem and driving further adoption.”
With this collaboration Fordefi becomes the first institutional-grade custody solution to offer convenient access to DeFi functionalities on the Sui blockchain. This integration benefits asset managers, trading firms, exchanges, and other institutional entities by providing a reliable and secure wallet-as-a-service.
“We are excited to add support for Sui Network,” said Josh Schwartz, CEO and Co-Founder of Fordefi. “Enabling our MPC wallet on Sui Network ensures that institutional clients can now benefit from secure self-custody and seamless dApp integration, while accessing Sui DeFi. We look forward to the evolution of this partnership.”
media@sui.io
A crypto wallet is a digital tool that allows users to store and manage their cryptocurrencies. It can be software-based or hardware-based and is essential for conducting transactions in the cryptocurrency market.
Blockchain is a decentralized digital ledger technology that records transactions across multiple computers. It ensures that the recorded transactions cannot be altered retroactively, providing security and transparency.
DeFi, or decentralized finance, refers to a financial system built on blockchain technology that allows users to access financial services without traditional intermediaries like banks, enabling peer-to-peer transactions.
Digital assets are any assets that exist in a digital form, including cryptocurrencies, tokens, and digital representations of real-world assets. They can be traded or used in various financial applications.
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