Solan Foundation and Abu Dhabi Global Market Partner to Boost Distributed Ledger Technology
Summary:
The Solana Foundation and Abu Dhabi Global Market (ADGM) formed a partnership to further the progress of distributed ledger technology (DLT). They aim to explore opportunities within ADGM’s DLT Foundations Regulations while looking to boost the existing projects of the international finance hub. While experiencing significant growth, ADGM has also paved the way for a range of companies to operate under various licensing arrangements. In contrast, Solana anticipates that their partnership with ADGM will attract more talent to the UAE and Middle East.
The Solana Foundation and Abu Dhabi Global Market (ADGM) have entered into a Memorandum of Understanding to further the progress of distributed ledger technology (DLT). While no specific initiatives have been disclosed, they aim to explore opportunities under the DLT Foundations Regulations established by ADGM. According to a statement by ADGM, both organizations intend to augment the scope of the international finance hub's existing projects. Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed excitement about the partnership with Solana that'd enhance the blockchain sector's knowledge while emphasizing the significance of compliance and regulation for sustained growth.
DLT Foundations Regulations was rolled out in November, which ADGM touted as the world's pioneer regulatory framework exclusively for Web3 entities, blockchain foundations, and decentralized autonomous organizations. Being an international finance hub, ADGM follows English law and operates its own court system. Founded in 2015, the organisation began implementing cryptocurrency regulations in 2018 and has been growing swiftly. Last year witnessed the formation of the $1-billion Venom Ventures Fund by the local Venom Foundation and ADGM's Iceberg Capital. Moreover, in February 2022, the Hub71+ Digital Assets initiative was launched with $2 billion in funding, aiming to finance businesses in Abu Dhabi and beyond. Then in February 2022, the $250-million crypto platform Bridgetower Middle East was launched.
ADGM has also made way for Binance, Nomura Bank subsidiary Laser Digital, Rain, M2, Paxos, and Iota to operate under various licensing arrangements. Solana has also been rising and expects the partnership with ADGM to attract talent to the Middle East and UAE. Solana's blockchain recorded a transfer volume increase from $297 billion in December to more than $300 billion in January. It has also seen a spike in the number of its developers and a rising interest from the public. However, it did encounter downtime on February 6, 2024.
Published At
2/8/2024 10:00:00 PM
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