olana Foundation and Abu Dhabi Global Market (ADGM) revealed on February 8th that they will be working together to explore applications of distributed ledger technology and drive innovation in the blockchain sector. The partnership aims to improve DLT solutions and nurture sustainable growth of the emerging Web3 ecosystem.
Strengthening Abu Dhabi's Crypto Hub Status
Abu Dhabi has established itself as a leader for crypto and blockchain enterprises in the Middle East. Strategically located with a business-friendly climate, it has attracted top firms from around the world. ADGM also launched regulations in 2022 to simplify the process of setting up blockchain startups within its free trade zone. This has further cemented Abu Dhabi's status as a crypto hub.
Supporting Entrepreneurship and Talent Development
Through the partnership, Solana Foundation and ADGM hope to support local ecosystem teams and provide resources to help them thrive. They will work on initiatives to boost collaboration between projects and foster entrepreneurship. Education efforts to develop blockchain talent in the emirate are also on the agenda.
A Region Pushing Web3 Adoption
The new alliance signals Abu Dhabi's commitment to investing in the web3 sector. Neighboring Dubai has also courted crypto and blockchain firms aggressively. Together, the two emirates are positioning the UAE at the forefront of digital asset innovation and adoption in the Middle East. Their progressive regulations and ecosystems are fueling the region's emergence as a global crypto powerhouse.
