Sui to launch bitcoin finance solution 'Hash' in H2… BitGo, Bullish and others to participate

Source

JOON HYOUNG LEE

Summary

The Sui Foundation said it will launch Hash, a bitcoin-based finance solution, in H2 of this year.
Hash supports lending and borrowing with bitcoin as collateral and provides yield services that help institutions and retail investors make use of their assets, it said.
The Sui Foundation said Hash will address bitcoin’s low utilization in DeFi and the collateral-management issues around synthetic bitcoin products.

Forecast Trend Report by Period

Sui (SUI) will pursue a bitcoin (BTC)-based finance business in the second half of this year.

The Sui Foundation said on the 19th (local time) via its official website that it will launch Hash, a bitcoin-based finance solution, in the second half of this year. Participants in Hash include BitGo, Bullish, FalconX, and Erebor Bank.

Hash is a DeFi solution that supports lending and borrowing with bitcoin as collateral. It also offers services that allow bitcoin-holding institutions and retail investors to generate returns by leveraging existing assets. The Sui Foundation said, “Hash enables large-scale institutional participation in the bitcoin (ecosystem),” adding that it will “bring core financial services such as credit provision and yield enhancement safely and in a regulation-friendly manner into an on-chain environment.”

The Sui Foundation stressed, “Bitcoin is an asset worth more than $1.4 trillion, but less than 0.5% is currently used in DeFi.” It continued, “Although various synthetic bitcoin products were launched last year, they failed to lead to meaningful adoption by institutional investors due to the lack of transparency in collateral management,” and said, “Hash is set to be launched to address these issues.”

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