The Abu Dhabi Global Market and the Solana Foundation have entered into an understanding to develop distributed ledger technology solutions to enhance the adoption of crypto and blockchain.
Abu Dhabi has signed a Memorandum of Understanding that could significantly help crypto adoption across the country. The Abu Dhabi Global Market (ADGM) is the signatory of the agreement with the Solana Foundation. The ADGM, an international finance center in Abu Dhabi, will aim to develop distributed ledger technology (DLT) solutions with Solana.
The ADGM published a press release announcing the collaboration. It said the partnership aligns with the center’s goal of aligning technology with financial services. The ADGM said it will also help induce blockchain innovation. It also described how the collaboration will help expand the center’s current services by working on more joint projects.
Lily Liu from the Solana Foundation described the UAE as a hub for crypto adoption. She said how the collaboration would also advance the Solana Foundation’s goals. It includes fostering innovation and adoption of the Solana network. At the same time, the project would enhance blockchain adoption in the UAE, she 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,” said Hamad Al Mazrouei, the CEO of the ADGM Registration Authority.
The development in Abu Dhabi comes just a year after it launched an initiative for firms in the blockchain sector. The project, Hub71+ Digital Assets, funded startups in the sector to grow. At the same time, it also tested a use case of its central bank digital currency (the digital dirham) recently.
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