Sui (SUI) Rises as Swiss Banks Offer Institutional Access
Sui Gains Momentum with Swiss Banking Integrations
Sui (SUI) experienced a 4% price increase in the last 24 hours, reaching $3.82. This surge correlates with Swiss digital asset bank Sygnum's recent expansion of services to include custody, trading, and lending products for its institutional clientele, specifically tied to the Sui blockchain.
This development allows regulated investors in Switzerland to hold, trade, and borrow against SUI through Sygnum’s platform, increasing exposure to the Layer-1 blockchain’s ecosystem. Sygnum's services are tailored for professional and institutional investors seeking compliant exposure under Swiss financial regulations.
Swiss Banks Embrace Sui
Earlier in the week, Amina Bank, another Swiss financial institution, announced the launch of trading and custodial services for SUI. Amina Bank highlighted itself as the first regulated bank globally to provide support for Sui’s native asset.
Market Reaction
The announcements appear to have positively influenced market dynamics. CoinDesk Analytics data indicates a trading volume spike to 36.45 million tokens overnight, more than doubling the daily average of 14.31 million. This increase suggests strong buying activity defending a support zone between $3.72 and $3.74, a level that has held since mid-July.
Broader Market Context
SUI's daily gains mirror the broader crypto market's performance, with the CoinDesk 20 Index climbing 4.5% over the same period. However, SUI’s monthly performance, up 7%, lags behind the broader market, which shows a 24% increase.
Implications for Institutional Investors
The expansion of regulated access to blockchain projects like Sui is significant for institutional clients. It indicates growing acceptance of blockchain networks beyond the most established assets among banks. This could lead to asset managers, corporate treasuries, and high-net-worth individuals having more avenues to diversify holdings within regulated frameworks.
Sui, developed by Mysten Labs, focuses on high-speed, low-cost transactions through a novel data structure called “objects” to improve scalability. Wider access through institutions such as Sygnum and Amina could enhance Sui's competitiveness for developer attention and real-world applications.
If the demand for bank-mediated blockchain exposure continues to grow, Sui may be well-positioned to attract enterprise adoption and further investment.