Abu Dhabi Global Market (ADGM) and the Solana Foundation have entered into a Memorandum of Understanding (MOU) to collaborate on the progression of distributed ledger technology (DLT).
While refraining from disclosing any particular actions, the partners intend to investigate potential avenues for advancement following ADGM’s DLT Foundation regulation.
ADGM and Solana will seek to expand existing initiatives at the international financial center, according to an ADGM statement. CEO of the ADGM Registration Authority, Hamad Al Mazrouei, stated:
“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.”
November saw the enforcement of the DLT Foundations Regulations. ADGM stated that their regulatory framework for blockchain foundations, Web3 entities, and decentralized autonomous organizations (DAOs) was the first to be “purpose-built” globally.
With its court system and adherence to English law, ADGM functions as an international financial hub. Established in 2015, it implemented regulations on cryptocurrencies in 2018. It has been steadily expanding.
Late in the previous year, the Venom Foundation and Iceberg Capital, an ADGM investment management firm, established the Venom Ventures Fund, which has a capitalization of $1 billion.
Funded by $2 billion, the Hub71+ Digital Assets initiative debuted in February 2022. It was the intention of ADGM’s Hut 71 to finance enterprises throughout Abu Dhabi, the Middle East, and beyond. February 8 marked the debut of Bridgetower Middle East, a $250 million cryptocurrency platform.
Furthermore, ADGM has granted various licensing forms to Binance, Rain, and M2, Nomura Bank subsidiary Laser Digital, Paxos, a stablecoin issuer and digital asset service provider, and Iota, a blockchain developer.
Solana has also experienced an upward trend. CEO of the Solana Foundation, Lily Liu, stated:
“We seek attractive environments for innovators to build unique applications in fintech, gaming, DePIN, and the creator economy. […] We expect our partnership with ADGM will attract talent to Abu Dhabi, the UAE, and to the Middle East region more broadly.”
In recent months, Solana has experienced a surge in public interest and a proliferation of developers. January transfer volume on the Solana blockchain surpassed $300 billion, an increase from December’s volume of $297 billion. Unfortunately, a disruption occurred on February 6.