UAE Financial Center ADGM forges new partnership with Solana Blockchain Foundation
As soon as once more the UAE monetary heart in Abu Dhabi, the Abu Dhabi World Market (ADGM) has solid a brand new partnership with a number one blockchain platform, the Solana Basis to boost Distributed Ledger know-how and blockchain innovation.
The Solana Basis is a non-profit group devoted to decentralization, adoption, and safety on Solana community.
The initiative aligns with ADGM’s strategic imaginative and prescient of changing into a central hub for technology-driven monetary providers, following the introduction of the DLT Foundations Laws, a world-first, purpose-built framework for Blockchain Foundations and Decentralized Autonomous Organizations.
As per the press launch, the collaboration between ADGM and the Solana Basis will additional increase ADGM’s current choices by exploring alternatives for joint initiatives and initiatives associated to the event of the blockchain firm ecosystem in Abu Dhabi.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, said, “Our strategic alliance with the Solana Basis marks a key milestone in cementing ADGM’s management within the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our dedication to the expansion and the event of the blockchain sector. We’re excited to accomplice with Solana to pioneer the way forward for know-how, and additional improve the extent of information within the house of blockchain by emphasizing the worth of regulation and compliance in guaranteeing sturdy and sustainable growth. We’re assured that this vital collaboration will result in bolstering the blockchain ecosystem and driving additional progressive initiatives in Abu Dhabi and the UAE.”
The UAE has emerged as a worldwide hub for innovation and adoption of blockchain know-how, mentioned Lily Liu, President of the Solana Basis. “Working carefully with ADGM is a major step ahead within the continued progress of blockchain adoption within the area as an entire, and advances the Solana Basis’s aim of fostering innovation, safety, and widespread adoption on the Solana community within the Center East.”
This collaboration goals to encourage trade engagement and suggestions, which is essential for evolving regulatory frameworks and supporting the expansion of Abu Dhabi’s blockchain and Web3 ecosystem.
Previous to this ADGM licensed the primary DLT Basis with IOTA.
ADGM in November 2023 introduced its DLT Basis laws that will enable the issuance of governance tokens.
As well as this isn’t the primary partnership within the UAE for Solana. In October 2023, The Solana Basis joined forces with the Dubai Multi Commodities Centre (DMCC) as an official ecosystem accomplice.
