ADFC partners with Solana to expand DLT projects

Abu Dhabi Global Market (ADGM) and the Solana Foundation have signed a Memorandum of Understanding (MoU) to collaborate on the advancement of distributed ledger technology (DLT). While specific measures were not announced, the partners will explore opportunities for development under ADGM’s DLT Foundations Regulations. ADGM aims to expand its existing projects with the help of Solana, according to a statement released by ADGM. The CEO of ADGM Registration Authority, Hamad Al Mazrouei, expressed excitement about the partnership and emphasized the importance of regulation and compliance in ensuring the robust and sustainable development of blockchain technology.

ADGM introduced the DLT Foundations Regulations in November, claiming it was the world’s first purpose-built regulatory framework for blockchain foundations, Web3 entities, and decentralized autonomous organizations (DAOs). As an international financial center, ADGM follows English law and has its own court system. Established in 2015, ADGM implemented cryptocurrency regulations in 2018 and has been expanding rapidly. Last year, it witnessed the creation of the $1 billion Venom Ventures Fund by the local Venom Foundation and ADGM investment management firm Iceberg Capital. In February 2022, the Hub71+ Digital Assets initiative was launched with $2 billion in support. ADGM’s Hut 71 also planned to offer financing to businesses in Abu Dhabi, the Middle East, and beyond. On Feb. 8, the $250 million crypto platform Bridgetower Middle East was launched. ADGM has granted various forms of licensing to Binance, Rain and M2 crypto firms, Nomura Bank subsidiary Laser Digital, stablecoin issuer and digital asset service provider Paxos, and blockchain developer Iota.

Solana, Has been experiencing significant growth. Solana Foundation CEO Lily Liu expressed a desire to create an attractive environment for innovators in fintech, gaming, DePIN, and the creator economy. The partnership with ADGM is expected to attract talent to Abu Dhabi, the UAE, and the Middle East region. Solana has seen a surge in public interest and a notable increase in the number of its developers. In January, transfer volume on the Solana blockchain surpassed $300 billion, compared to $297 billion in December. The platform experienced an outage on Feb. 6.