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UAE Financial Center ADGM forges new partnership with Solana Blockchain Foundation

February 9, 2024

in Blockchain

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UAE Financial Center ADGM forges new partnership with Solana Blockchain Foundation

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Once again the UAE financial center in Abu Dhabi, the Abu Dhabi Global Market (ADGM) has forged a new partnership with a leading blockchain platform, the Solana Foundation to enhance Distributed Ledger technology and blockchain innovation.

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The Solana Foundation is a non-profit organization dedicated to decentralization, adoption, and security on Solana network.

The initiative aligns with ADGM’s strategic vision of becoming a central hub for technology-driven financial services, following the introduction of the DLT Foundations Regulations, a world-first, purpose-built framework for Blockchain Foundations and Decentralized Autonomous Organizations.

As per the press release, the collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, stated, “Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.”

The UAE has emerged as a global hub for innovation and adoption of blockchain technology, said Lily Liu, President of the Solana Foundation. “Working closely with ADGM is a significant step forward in the continued growth of blockchain adoption in the region as a whole, and advances the Solana Foundation’s goal of fostering innovation, security, and widespread adoption on the Solana network in the Middle East.”

This collaboration aims to encourage industry engagement and feedback, which is crucial for evolving regulatory frameworks and supporting the growth of Abu Dhabi’s blockchain and Web3 ecosystem.

Prior to this ADGM licensed the first DLT Foundation with IOTA.

ADGM in November 2023 announced its DLT Foundation regulations that would allow the issuance of governance tokens.

In addition this is not the first partnership in the UAE for Solana. In October 2023, The Solana Foundation joined forces with the Dubai Multi Commodities Centre (DMCC) as an official ecosystem partner.