The Abu Dhabi Global Market (ADGM), a prominent financial centre in the UAE, has established a new collaboration, this time with the Solana Foundation, a leading blockchain platform, aimed at advancing Distributed Ledger technology and blockchain innovation.
The Solana Foundation, a non-profit organisation committed to decentralisation, adoption, and security on the Solana network, will partner with ADGM to align with its strategic vision of becoming a central hub for technology-driven financial services. This initiative follows the introduction of the DLT Foundations Regulations by ADGM, a pioneering framework designed for Blockchain Foundations and Decentralised Autonomous Organizations.
According to the press release, the partnership between ADGM and the Solana Foundation will enhance ADGM’s current offerings by exploring opportunities for joint initiatives and projects to foster the development of the blockchain ecosystem in Abu Dhabi.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, emphasised the significance of the collaboration, stating, “Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector.” He highlighted the effectiveness of ADGM’s DLT Foundations Framework and its commitment to promoting growth and development in the blockchain sector through regulation and compliance.
Lily Liu, President of the Solana Foundation, praised the UAE’s role as a global hub for blockchain innovation and adoption. She expressed optimism about the partnership with ADGM, stating that it represents a significant step forward in fostering blockchain adoption in the region and advancing the Solana network’s goals of innovation, security, and widespread adoption.
This collaboration aims to encourage industry engagement and feedback to enhance regulatory frameworks and support the growth of Abu Dhabi’s blockchain and Web3 ecosystem. Notably, ADGM previously licensed the first DLT Foundation with IOTA and announced DLT Foundation regulations allowing the issuance of governance tokens in November 2023.
Furthermore, this partnership adds to Solana’s existing collaborations in the UAE, including its partnership with the Dubai Multi Commodities Centre (DMCC) as an official ecosystem partner in October 2023.