[NEWS] OKCoin Japan to be the first in Japan to handle cryptocurrency SUI

On the 28th, OKCoin Japan, a domestic cryptocurrency exchange, announced that it will handle SUI as a new stock.

The start date and time of handling is scheduled for mid-next month, and details will be announced at a later date. In addition to handling sales and savings services, deposits and withdrawals will also be possible.

If handling of SUI is realized as planned, it will be the first case of listing in Japan.

SUI is a layer 1 blockchain developed by Mysten Labs, which was launched mainly by engineers who were involved in the digital currency project Diem, which was formerly handled by Meta Inc. in the United States. The development language used is Sui Move, which is based on Move, which was also used in Diem.

Aptos (APT), a project similar to SUI, can be mentioned. Aptos is a blockchain project developed by Aptos Labs, and like SUI, it is being developed mainly by former engineers of Diem.

SUI's greatest feature is its advanced transaction processing capabilities. It is said to be able to process up to 300,000 transactions per second, which is a high performance compared to other layer 1 blockchains such as Ethereum (ETH) and Solana (SOL).

SUI is the native token of the Sui Network and is already traded on several overseas cryptocurrency exchanges such as Binance, KuCoin, and Kraken. At the time of writing, it is ranked 88th in market capitalization, with a market capitalization of approximately 52 billion yen.

Examples of Sui use can also be seen in Japan. In July of this year, advertising giant Dentsu Group launched a project for creators on the Sui blockchain. This project aims to create a creator economy focusing on the domestic game and entertainment industry.

In addition, social game giant Gree will also participate as a validator of Sui, and has announced that it has signed a memorandum of understanding (MOU) for a strategic partnership with Mysten Labs.

Reference:Announcement
Image: Quoted from the announcement