Abu Dhabi Global Market (ADGM) has announced a strategic Memorandum of Understanding (MOU) with Solana Foundation. It is a non-profit organization dedicated to decentralization, adoption, and security on the Solana network. This collaboration marks a pivotal step towards bolstering Distributed Ledger Technology (DLT) solutions and driving blockchain innovation, especially in Abu Dhabi. With a shared vision of fostering technological advancement, the partnership aims to solidify ADGM’s position as a hub for technology-driven financial services of the Falcon Economy.
Expanding ADGM’s offerings
The collaboration between ADGM and Solana Foundation will extend ADGM’s existing offerings. It will explore joint initiatives and projects aimed at developing the blockchain company ecosystem in Abu Dhabi. Therefore, this initiative aligns with ADGM’s strategic vision of embracing technology-driven financial services. It also comes following the introduction of the DLT Foundations Regulations, a world-first, purpose-built framework for Blockchain Foundations and Decentralized Autonomous Organizations.
The blockchain sector
Commenting on the collaboration, Hamad Al Mazrouei, CEO of ADGM Registration Authority, said: “Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector. It 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,” he added.
“The UAE has emerged as a global hub for innovation and adoption of blockchain technology,” said Lily Liu, resident 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,” she added. Moreover, this collaboration advances Solana Foundation’s goal of fostering innovation, and security. It also promotes the widespread adoption of the Solana network in the Middle East.
The Solana Foundation is an expert in the blockchain realm and will contribute significantly to this partnership with ADGM. This collaboration aims to encourage industry engagement and feedback. That is crucial for evolving regulatory frameworks and supporting the growth of Abu Dhabi’s blockchain and Web3 ecosystem.
As an innovative international financial center, ADGM remains committed to fostering technological innovation and promoting the growth of cryptocurrency initiatives within the evolving digital asset industry. The partnership with Solana Foundation underscores ADGM’s dedication to driving blockchain innovation. Moreover, it solidifies its position as a leading hub for technology-driven financial services.
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