Abu Dhabi Global Market (ADGM) has announced a Memorandum of Understanding (MoU) with the Solana Foundation to bolster blockchain and technological innovation within the Middle East.
The partnership entails that ADGM will harness the blockchain capabilities of the Solana network to further its goals of becoming a central hub for technology-driven financial services, following the introduction of the DLT Foundations regulatory framework.
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.”
Solana will work alongside ADGM to cultivate new and innovative DLT solutions for Abu Dhabi financial institutions whilst aiming to encourage industry feedback and engagement in a region that has ramped up its efforts in diversifying its financial services.
The collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects.
Lily Liu, President of the Solana Foundation, added: “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.”