ADGM and Solana Foundation Forge Strategic Partnership to Advance Blockchain Innovation

5 views 4:36 am 0 Comments February 16, 2024

Abu Dhabi Global Market (ADGM), the international financial centre, has teamed up with Solana Foundation, to enhance distributed ledger technology (DLT) solutions and advance blockchain innovation.

The partnership between ADGM and the Solana Foundation is a step towards advancing ADGM’s goal of becoming a leading centre for technology-driven financial services. This collaboration builds upon the pioneering DLT Foundations Regulations introduced by ADGM, which establish a groundbreaking framework tailored for Blockchain Foundations and Decentralised Autonomous Organisations.

Through this collaboration, ADGM aims to enhance its current portfolio by delving into potential joint ventures and ventures with the Solana Foundation. Together, they will explore various opportunities aimed at fostering the growth of the blockchain industry ecosystem in Abu Dhabi.

Key milestone

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, Lily Liu, president of the Solana Foundation, also added. “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 innovation, security, and widespread adoption on the Solana network in the Middle East.”

This collaboration aims to encourage industry engagement and feedback in order to evolve regulatory frameworks as well as support the growth of Abu Dhabi’s blockchain and Web3 ecosystem.