Abu Dhabi Global Market (ADGM), a prominent international financial center, has forged a strategic partnership with the Solana Foundation, aiming to propel the growth of distributed ledger technology (DLT) projects. This collaboration, marked by a memorandum of understanding, seeks to explore and leverage development opportunities under ADGM’s pioneering DLT Foundations Regulations.
The partnership intends to augment ADGM’s array of existing projects by tapping into the expertise of the Solana Foundation. Hamad Al Mazrouei, CEO of ADGM’s Registration Authority, expressed enthusiasm about the collaboration, highlighting its potential to innovate technology and enhance blockchain knowledge, emphasizing the significance of regulation and compliance for sustainable development.
Introduced in November, ADGM’s DLT Foundations Regulations have been acclaimed as the world’s first regulatory framework tailored for blockchain foundations, Web3 entities, and decentralized autonomous organizations. Since its establishment in 2015, ADGM has been a trailblazer in the financial sector, adopting cryptocurrency regulations in 2018 and consistently expanding its services and initiatives. Notable developments include the establishment of the $1 billion Venom Ventures Fund and the $2 billion Hub71+ Digital Assets initiative, aiming to support businesses locally and globally.
ADGM has also been a welcoming hub for major players in the crypto and blockchain space, such as Binance, Paxos, and Iota, offering various forms of licensing to foster a thriving digital asset ecosystem.
Solana Foundation’s CEO, Lily Liu, sees the partnership as an opportunity to create a conducive environment for innovators across fintech, gaming, and the creator economy. The collaboration is expected to attract talent to Abu Dhabi and the broader Middle East, bolstering the region’s position as a leading center for blockchain innovation.
Solana, known for its rapid growth and increasing developer interest, has witnessed significant milestones, including a transfer volume exceeding $300 billion. Despite experiencing an outage in February, the platform remains a key player in the DLT landscape, poised for further expansion through strategic partnerships like the one with ADGM.