Abu Dhabi Global Market and Solana Team Up: Details

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Abu Dhabi Global Market (ADGM), an international financial center and free zone, has teamed up with the Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security of the blockchain, and signed a memorandum of understanding (MoU) to focus on the development of distributed ledger technology (DLT).

“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,” said Hamad Al Mazrouei, CEO of ADGM Registration Authority. 

Abu Dhabi Financial Center to Focus on DLT

While the announcement did not reveal any specific measures, the financial center and the Solana Foundation will explore opportunities for development within ADGM’s DLT Foundations Regulations.

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Abu Dhabi has heavily invested in the digital asset sector and recently debuted the Abu Dhabi Crypto Hub in 2022, aiming to take advantage of a bearish crypto market following the collapse of Terra USD and FTX bankruptcy. 

Focusing on Existing Projects

The financial center and the Solana Foundation will work closely towards the development of the former’s existing projects by “exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.”

“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,” said Lily Liu, President of the Solana Foundation.

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Solana Outages

As earlier reported by TheCoinRise, the Solana blockchain suffered a massive outage despite being known for its high throughput and scalability. The outage caused a halt in block progression. 

The blockchain recognized the incident as the first major incident since February 2023 while highlighting the rarity of such disruptions within the Solana ecosystem. Interestingly, the network experienced notable disruptions in 2022, primarily attributed to node issues. These outages lasted for seven hours and more. 

Abu Dhabi and Digital Assets

It is crucial to note that Abu Dhabi saw the formation of a blockchain association dubbed “The Middle East, Africa, and Asia Crypto and Blockchain Association (MEAACBA)” in late 2022. The goal of the association is to further accelerate the growth of the crypto industry. 

Additionally, leading crypto exchanges like Kraken have announced opening offices in Abu Dhabi in an effort to compete with Dubai, which is also considered a crypto haven by many.

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