Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC), has signed a Memorandum of Understanding (MoU) with the Solana Foundation, a non-profit organization dedicated to the decentralization, adoption, and security on the Solana network.

This significant partnership is dedicated to enhancing Distributed Ledger Technology (DLT) solutions and advancing blockchain innovation.

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 Decentralized Autonomous Organizations.

Further, the collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.

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

The Solana Foundation, renowned for its expertise in the blockchain realm, will contribute significantly to this partnership. This collaboration aims to encourage industry engagement and feedback, which is crucial for evolving regulatory frameworks and supporting the growth of Abu Dhabi’s blockchain and Web3 ecosystem, as per the statement.