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Abu Dhabi Global Market (ADGM) and the Solana Foundation have joined forces to develop distributed ledger technology (DLT) in the Middle East, according to a statement released on February 7th.
While specifics remain under wraps, the partnership will explore opportunities within ADGM’s recently released DLT Foundations Regulations.
This collaboration aims to leverage ADGM’s growing blockchain ecosystem and Solana’s thriving developer community.
“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,” emphasized Hamad Al Mazrouei, ADGM Registration Authority CEO.
See Also: First, Abu Dhabi Bank finishes testing JPMorgan Onyx for cross-border payments.
ADGM established the world’s first dedicated regulatory framework for blockchain foundations in November 2023, solidifying its commitment to fostering innovation in a responsible manner.
This partnership builds upon ADGM’s impressive trajectory. Launched in 2015, the international financial center has welcomed major players like Binance, Rain, and Nomura Bank’s subsidiary, fostering a vibrant crypto ecosystem.
Solana, too, has witnessed significant growth, experiencing a surge in user interest and developer adoption.
“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,” stated Solana Foundation CEO Lily Liu, highlighting the partnership’s potential to attract talent to the region.
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