The Sui Foundation has announced a partnership with Babylon Labs, Lombard Protocol, and Cubist to integrate Bitcoin into the Sui ecosystem.

This collaboration will bring programmable Bitcoin functionality to Sui and leverage its high-performance Layer-1 (L1) blockchain to unlock Bitcoin’s $1.8 trillion liquidity for decentralized finance (DeFi).

Unlocking Bitcoin’s Potential on Sui

This development marks an important moment for both Bitcoin (BTC) holders and the broader blockchain community. Bitcoin’s security and liquidity, combined with Sui’s programmability and composability, could redefine how digital assets interact within decentralized systems.

Starting in December, Bitcoin holders will be able to stake their BTC through the Babylon staking protocol. In return, they will receive LBTC, a liquid staking token that Lombard Protocol natively mints on Sui. LBTC, already a cornerstone of Ethereum’s DeFi ecosystem, has surpassed $1 billion in minted assets. It actively serves in lending, borrowing, and trading applications.

This initiative aims to replicate and scale this success on Sui, where LBTC will become a core asset in its DeFi ecosystem. By staking their BTC, users can unlock its value without sacrificing liquidity or security. This aligns with the growing trend of integrating Bitcoin into programmable ecosystems.

“Bringing BTC into Sui is a match made in heaven. Thanks to this collaboration, users from all blockchain ecosystems can come to Sui to participate in a thriving financial ecosystem in which Bitcoin will play a key role,” Jameel Khalfan, Head of Ecosystem Development at the Sui Foundation, said.

Cubist, a novel infrastructure provider, will ensure seamless integration with a strong framework for deposits, staking, minting, and bridging. Babylon Labs and Lombard have already demonstrated the power of Bitcoin liquidity on Ethereum, and now this success is being extended to Sui. By building programmable Bitcoin use cases, Babylon Labs Co-founder and CTO Fisher Yu emphasized their vision.

“Babylon builds native use cases for BTC to bring Bitcoin security and liquidity to decentralized systems. We are excited to make this a reality on Sui,” Yu remarked.

The integration aligns perfectly with Sui’s mission of enhancing the utility of digital assets. By combining Bitcoin’s unparalleled liquidity with Sui’s programmability, this partnership has the potential to drive adoption. It could attract developers, users, and institutional players to the Sui ecosystem.

The Growing Sui Ecosystem

Sui’s ecosystem is advancing, with key developments bolstering its reputation as a top-tier blockchain. Among them is its recent strategic partnership with Franklin Templeton, a global investment firm. The partnership will explore blockchain-based solutions for financial markets. This collaboration reflects Sui’s commitment to integrating traditional finance (TradFi) with blockchain technology.

Similarly, the network’s novel use cases have since come into the limelight. BeInCrypto reported Chirp launched the first decentralized physical infrastructure (DePIN) game on Sui, reflecting its versatility. This play-to-earn model combines blockchain technology with real-world applications, enhancing user engagement.

Nevertheless, while the Sui Foundation’s achievements are commendable, the road has not been without bumps. Recently, Sui experienced a network outage caused by a bug that temporarily disrupted operations.

The foundation acted swiftly to resolve the issue, demonstrating its commitment to reliability and transparency. However, this incident serves as a reminder that even leading blockchain platforms must continually prioritize robustness and scalability.

As Sui taps into Bitcoin’s vast liquidity, its ecosystem is poised for exponential growth. The collaboration with Babylon Labs, Lombard, and Cubist enhances Sui’s DeFi offerings while setting a benchmark for interoperability and innovation across blockchain platforms.

Despite news of this integration, Sui’s powering token, SUI, has been down almost 6% since the Tuesday session opened. BeInCrypto data shows SUI is trading for $3.22 as of this writing.

Rumble, a video-sharing and cloud services platform, is making a big move into crypto with a Bitcoin treasury strategy. The company plans to use its cash reserves to buy Bitcoin as a store of value and a hedge against inflation.

This decision marks a major change for the $2 billion company and shows its dedication to connecting with the crypto and gaming communities.

Rumble Joins Bitcoin Movement with $20 Million Allocation Strategy

Rumble announced that its Board of Directors has approved using up to $20 million of its excess cash reserves to buy Bitcoin. The video-sharing and cloud services platform stated that these purchases will be made at the company’s discretion.

“I wasn’t joking when I said I was going to be laser-focused on the crypto and gaming communities. It’s a new era,” Rumble CEO Chris Pavlovski said.

Companies diversify their corporate treasury with Bitcoin to protect assets from currency devaluation and benefit from its potential long-term value growth. This trend has gained momentum among behemoth firms like MicroStrategy, which made headlines for its aggressive Bitcoin purchases. Rumble appears to be following suit, leveraging Bitcoin as a strategic asset to support its expansion.

Pavlovski elaborated on Rumble’s Bitcoin treasury strategy, pointing out Bitcoin’s resistance to inflationary pressures caused by government monetary policies.

“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money printing,” he explained.

Rumble’s timing aligns with the broader adoption of Bitcoin, spurred by institutional interest and a crypto-friendly US presidential administration. However, Pavlovski noted that Rumble’s Bitcoin purchases would depend on market conditions, the cryptocurrency’s price, and the company’s financial needs.

Dr. Disrespect’s $20 Million Deal: Opportunity vs. Risk

In a parallel development, Rumble is making waves in the gaming sector by signing an exclusive $20 million deal with controversial streamer Dr. Disrespect. The deal includes his leadership role in Rumble’s gaming division, where he will spearhead the development of the Rumble Gaming Community.

Dr. Disrespect’s presence could be a double-edged sword for Rumble. On the one hand, his millions of followers provide an opportunity to expand the platform’s reach. However, his history of controversies, including a ban from Twitch, has raised questions about his fit for Rumble.

Pavlovski addressed these concerns, stating that Dr. Disrespect has promised to “be on his best behavior moving forward.” If successful, this partnership could establish Rumble as a dominant player in the gaming content space, complementing its crypto-focused initiatives.

“Rumble is in a new era, and I’m laser-focused on expanding into two categories: gaming and crypto,” Pavlovski added.

Rumble’s Bitcoin treasury strategy and its high-profile partnership with Dr. Disrespect reflect a bold vision for the company’s future. These moves could position Rumble as a unique player bridging the worlds of crypto, gaming, and video-sharing.

However, these ambitious strategies are risky. Bitcoin’s price volatility could pose challenges for Rumble’s treasury. Similarly, controversies surrounding Dr. Disrespect could test the platform’s reputation.

If Rumble successfully navigates these hurdles, it could emerge as a trailblazer, similar to MicroStrategy’s transformation through Bitcoin. With a focus on innovation and community building, Rumble’s bets on Bitcoin and gaming might well pay off.

If Senator Ted Cruz of Texas gets his way, he wants the state to be the “oasis of Bitcoin.” For Cruz, the primary hurdle to full Bitcoin adoption is the federal government itself, particularly its left-leaning policies.

The state of Texas, he says, can soon become a cryptocurrency hub with its decentralized environment and business-friendly policies.

Ted Cruz’s statement comes as Bitcoin broke the $98,000 level for the first time, and there’s growing regulatory clarity. Incoming US President Donald Trump has nominated Scott Bessent for Treasury, and SEC’s Gary Gensler has announced that he’s stepping down on January 20th, 2025.

Senator Cruz emphasized that the leading digital asset represents freedom and stated that Texas could become a haven for its innovation and development.

I am one of the leading defenders of Bitcoin and cryptocurrency in the U.S. Senate.

I want Texas to be an oasis for Bitcoin, and we are seeing many companies come to Texas to create new jobs in the cryptocurrency industry. pic.twitter.com/ayVzxQIIi9

— Ted Cruz (@tedcruz) November 23, 2024

Texas As Global Hub For Bitcoin

Ted Cruz posted on Twitter/X his thoughts immediately after the airing on Fox Business News. In a post shared November 24th, Cruz argued that he’s a strong advocate for cryptocurrencies in the Senate. He added that his goal is to make his state a Bitcoin hub and shared that several companies are now relocating to the “Lone Star” state and creating jobs along the way.

Cruz sees a perfect match between Bitcoin and the state of Texas. The state’s independent spirit perfectly complements the blockchain’s principles of decentralization and freedom.

Texas Can Provide Support To Bitcoin’s Innovation

In the Fox Business interview, the lawmaker explained that Bitcoin represents freedom, free from control. He said that Texas is the perfect hub for the growing technology since its people embrace freedom and welcome Bitcoin bulls.

A bitcoin mining facility in Texas. Source: Eli Durst/New York Times/Redux/Eyevine

The Texas senator further explained that the state can lead the cryptocurrency revolution. He says Texas has abundant natural resources and crypto-friendly policies, making it a perfect center for Bitcoin mining. Cruz has publicly acknowledged that he operates at least three crypto mining rigs in West Texas, a testament to his commitment to the technology.

Senator Talks About Other Issues About Bitcoin

Cruz also discussed the many challenges Bitcoin faces now, including those faced by regulators and some policymakers. He criticized Massachusetts Senator Elizabeth Warren for her stance against Bitcoin, comparing it to China’s ban on crypto.

He argued that it’s time to create friendly cryptocurrency regulations to promote growth and innovation. By focusing on a favorable regulatory environment, Texas can position itself as a global leader in the cryptocurrency sector.

He says Bitcoin’s decentralization will make it impossible for bad actors to hijack financial systems. Finally, he briefly touched on the asset’s proof-of-work consensus mechanism, which helps secure the network.

Featured image from DALL-E, chart from TradingView