The Solana Foundation has cemented its status as an ecosystem partner for the Dubai Multi Commodities Centre (DMCC), a prominent free economic zone in the United Arab Emirates. This groundbreaking collaboration, announced on October 15, has far-reaching implications for the burgeoning crypto and blockchain industry in the region.
Solana, renowned for its innovative blockchain platform, is set to play a pivotal role by providing technical expertise and business development support to all members of the DMCC Crypto Centre. In addition to these services, Solana will offer webinars and educational courses, furthering the education of DMCC members on various Web3 topics. This initiative builds upon Solana’s existing grant program at DMCC, showcasing its commitment to fostering growth within the crypto community.
Furthermore, Solana’s existing partners are poised to benefit from this partnership, enjoying privileged treatment within the DMCC. As stated by Ahmed Bin Sulayem, the CEO of DMCC, “We will provide complimentary setup and business licensing for Solana ecosystem projects, while our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights.”
The DMCC boasts an impressive roster of ecosystem partners, including prominent entities like crypto exchange Bybit, digital asset market maker DWF Labs, Web3 incubator TDeFi, venture capital fund Brinc, and others. With a total membership exceeding 23,000 companies, the DMCC continues to emerge as a pivotal hub for innovation and economic growth.
As one of the United Arab Emirates’ pioneering economic free zones, alongside the Abu Dhabi Global Market and Dubai Silicon Oasis Authority, the DMCC plays a vital role in fostering the country’s investment climate. This trio is set to welcome the Ras Al Khaimah Digital Assets Oasis, a new entrant unveiled during Blockchain Life 2023, further solidifying the UAE’s status as a burgeoning blockchain and crypto hotspot.
By September 2023, Solana’s global standing had surged to the 10th position in terms of total value locked, an impressive feat with an approximate value of $359 million. This partnership between the Solana Foundation and the DMCC is expected to catalyze further growth in the region’s crypto and blockchain ecosystem, attracting new talent and investment.
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