ABU DHABI: Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC), has inked a Memorandum of Understanding (MOU) with the Solana Foundation, a non-profit organisation dedicated to decentralisation, adoption, and security on Solana network. This significant partnership is dedicated to enhancing Distributed Ledger Technology (DLT) solutions and advancing blockchain innovation.
The initiative aligns with ADGM’s strategic vision of becoming 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 Decentralised Autonomous Organisations.
The collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.
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, and 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. 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. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.’
The UAE has emerged as a global hub for innovation and adoption of blockchain technology, said Lily Liu, President 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, and advances the Solana Foundation’s goal of fostering inno
vation, security, and widespread adoption on the Solana network in the Middle East.’
The Solana Foundation, renowned for its expertise in the blockchain realm, will contribute significantly to this partnership. This collaboration aims to encourage industry engagement and feedback, which is crucial for evolving regulatory frameworks and supporting the growth of Abu Dhabi’s blockchain and Web3 ecosystem.
Source: Emirates News Agency