Once again, the UAE’s financial hub in Abu Dhabi, the Abu Dhabi Global Market (ADGM), has forged a new partnership with a leading blockchain platform, the Solana Foundation, to advance Distributed Ledger technology and blockchain innovation.
The Solana Foundation is a non-profit organization dedicated to decentralization, adoption and security of the Solana network.
The initiative aligns with ADGM’s strategic vision to become 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.
According to the press release, the partnership between ADGM and the Solana Foundation will further expand ADGM’s existing offering by exploring opportunities for joint initiatives and projects related to the development of the blockchain business ecosystem in Abu Dhabi.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, said: “Our strategic alliance with the Solana Foundation marks an important milestone in strengthening 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 development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology and further advance the level of knowledge in blockchain by highlighting the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this important collaboration will strengthen the blockchain ecosystem and drive further innovative initiatives in Abu Dhabi and the UAE.”
The UAE has become a global hub for innovation and adoption of blockchain technology, said Lily Liu, president of the Solana Foundation. “Working closely with ADGM is an important step forward in the continued growth of blockchain adoption in the region as a whole, and furthers the Solana Foundation’s goal of driving innovation, security and widespread adoption on the Solana network in the Middle East promote.”
This collaboration aims to encourage industry engagement and feedback, which is critical to developing regulatory frameworks and supporting the growth of Abu Dhabi’s blockchain and Web3 ecosystem.
Prior to this, ADGM licensed the first DLT Foundation to IOTA.
ADGM announced the DLT Foundation rules in November 2023 that would allow the issuance of governance tokens.
Furthermore, this is not Solana’s first partnership in the UAE. In October 2023, The Solana Foundation joined forces with the Dubai Multi Commodities Center (DMCC) as an official ecosystem partner.