March 27, 2024
Latest Cryptocurrency News

Abu Dhabi Global Market Allies with Solana Foundation to Boost DLT

Abu Dhabi Global Market (ADGM) has entered into a strategic partnership with the Solana Foundation, marking a significant step towards advancing the development of distributed ledger technology (DLT). The collaboration aims to explore opportunities within ADGM’s pioneering DLT Foundations Regulations, emphasizing the importance of regulation and compliance in the rapidly evolving blockchain space.

While specific measures resulting from the memorandum of understanding were not disclosed, ADGM and Solana expressed their commitment to expanding existing projects within the international financial center.

“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 emphasising the value of regulation and compliance in ensuring robust and sustainable development.”

Hamad Al Mazrouei, CEO of ADGM Registration Authority

The DLT Foundations Regulations, introduced by ADGM in November, are touted as the world’s first “purpose-built” regulatory framework for blockchain foundations, Web3 entities, and decentralized autonomous organizations. ADGM, operating as an international financial center, adheres to English law and boasts its own court system, making it an attractive hub for businesses in the blockchain and cryptocurrency sectors.

ADGM has been actively expanding its footprint, with initiatives like the $1 billion Venom Ventures Fund and the Hub71+ Digital Assets initiative, backed by $2 billion in funding. The recent launch of the $250 million crypto platform, Bridgetower Middle East, further solidifies ADGM’s position in the rapidly growing blockchain ecosystem.

The partnership has also attracted key players in the industry, including Binance, Rain, M2, Nomura Bank subsidiary Laser Digital, Paxos, and Iota, all obtaining various forms of licensing within the ADGM framework.

Solana Foundation CEO Lily Liu expressed optimism about the collaboration, stating, “We expect our partnership with ADGM will attract talent to Abu Dhabi, the UAE, and to the Middle East region more broadly.”

Solana has witnessed a surge in public interest and developer growth in recent months, with the blockchain’s transfer volume exceeding $300 billion in January. However, an outage experienced on February 6 highlighted the challenges associated with rapid expansion. This setback has not dampened the enthusiasm surrounding the collaboration between ADGM and Solana for the advancement of DLT in the global financial landscape. Their partnership will reflect a joint commitment to fostering innovation and sustainable development in the blockchain space.

Photo by NGSOFT IT from Pexels

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