Abu Dhabi Global Market partners with Solana Foundation
The parties will engage in developments in the field of blockchain technologies
09.02.2024 - 13:40
302
3 min
0
What’s new? Abu Dhabi Global Market (ADGM) has signed a memorandum of understanding with Solana Foundation, a non-profit organization established to support the blockchain of the same name. The parties have not yet announced specific steps in the collaboration, but it is known that they will engage in developments in distributed ledger technology (DLT) to develop existing projects within the ADGM.
What else is known? Solana Foundation CEO Lily Liu expects the partnership with ADGM to attract startups to Abu Dhabi, the UAE, and the Middle East region as a whole. ADGM senior executive Hamad Al Mazrouei noted that the center aims to be a pioneer in innovative technology while complying with regulatory requirements to ensure sustainability.
Last November, ADGM introduced the DLT Foundations Regulations, a regulatory framework governing blockchain funds as well as Web 3.0- and decentralized autonomous organizations (DAOs). These organizations provide financial and other forms of support to blockchain projects without directly participating in them. Solana Foundation also belongs to this type of organization.
ADGM in 2018 became the first jurisdiction in the world to introduce a holistic regulatory framework to govern digital assets. In 2022, it equated NFTs with cryptocurrencies and granted licenses to crypto exchanges Binance and Kraken. For six years, the new CEO of global Binance, Richard Teng, has served as one of the ADGM’s advisors. Binance founder Changpeng Zhao also resides in Abu Dhabi.
Stablecoin transaction volume on the Solana network grew 28 times in a year
By January 1, the figure was $322,3 billion
Last May, leading US miner Marathon Digital set up a company within the ADGM to operate local farms totaling 250MW. In November, the ADGM license to issue stablecoins was granted to the payment company PayPal.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024