Cumberland, Fluid, and SwissBorg Join Sui's Hashi Bitcoin Finance Coalition Ahead of July Testnet
Sui has announced that Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native Bitcoin finance primitive. The development comes weeks before the scheduled launch of Hashi’s global testnet in July 2026.
Hashi aims to address a key challenge in the cryptocurrency space: unlocking the over $1 trillion of inactive Bitcoin (BTC) for use in decentralized finance (DeFi). Previous market cycles saw systemic risks from centralized credit intermediaries like Celsius, Voyager, and Genesis. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic. Importantly, Bitcoin remains securely on its native blockchain, while Sui smart contracts handle the cryptographic rights to use BTC as collateral.
“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”
The three new participants bring varied expertise:
- Cumberland: One of the largest institutional crypto market makers, joining to evaluate Hashi’s structural frameworks and prepare for onchain liquidity provisioning.
- SwissBorg: A European wealth management app with over one million users, exploring connections for high-net-worth Bitcoin holders to participate in Bitcoin-backed borrowing and lending.
- Fluid: A major DeFi lending protocol, building infrastructure for institutional-grade lending markets on Sui.
These additions expand a coalition that already includes BitGo, Blockdaemon, Cobo, Fordefi, Cubist, Ledger, Bullish, Erebor, FalconX, and several DeFi protocols like AlphaLend, Bluefin, Current, Scallop, Suilend, and Navi.
The global testnet, launching in July, will allow institutions, custodians, wallet providers, and developers to test integration parameters, stress-test code under simulated volatility, and verify cryptographic integrity before mainnet release. Technical documentation is available at https://www.sui.io/hashi.