ADGM, Solana Foundation Join Hands To Advance Blockchain Innovation
By: Asia Business Outlook Team | Thursday, 08 February 2024
The Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network, has signed a memorandum of understanding (MoU) with Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC). This huge organization is devoted to improving Circulated Record Innovation (DLT) arrangements and progressing blockchain development.
The initiative aligns with ADGM’s strategic vision of becoming a central hub for technology-driven financial services, following the introduction of the DLT Foundations Regulations – a world-first, purpose-built framework for Blockchain Foundations and Decentralised Autonomous Organisations, as per gdnonline.
The cooperation among ADGM and the Solana Establishment will additionally grow ADGM's current contributions by investigating potential open doors for joint drives and undertakings connected with the improvement of the blockchain organization biological system in Abu Dhabi, said an explanation.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, 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. 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. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.”
This partnership will benefit greatly from the expertise of the Solana Foundation, which is well-known for its work in the blockchain field. This joint effort plans to empower industry commitment and criticism, which is essential for developing administrative structures and supporting the development of Abu Dhabi's blockchain and Web3 biological system.