Dubai is stepping up efforts to upgrade the infrastructure required to foster an advanced Web3 ecosystem. Dubai has selected the Solana Foundation to provide blockchain infrastructure for its free economic zone, known as the Dubai Multi Commodities Center (DMCC). Through this partnership, Dubai aims to help DMCC members develop and scale their businesses on the blockchain. As G20 countries work to develop a globally acceptable framework for cryptocurrencies, Europe and parts of the United Arab Emirates such as Abu Dhabi and Dubai have begun taking steps to establish themselves as cryptocurrency hubs.
Solana will now set up an operating space at DMCC’s Cryptocurrency Center and initiate collaboration with the existing 23,000 companies currently operating in the economic zone, including technology partners, exchanges, government entities, investors, incubators and service providers business.
DMCC said Solana has a market valuation of $8 billion (approximately Rs 66,622 crore) and is one of the most prominent blockchains in the world. The blockchain is said to be environmentally friendly and often competes with Ethereum in terms of usability.
Ahmed Bin Sulayem, executive chairman and CEO, said: “We will provide free setup and business licenses for the Solana ecosystem project, while our members will have access to a world-class blockchain platform and dedicated Solana engineering team to bring the Solana ecosystem to life. Taking their business to new heights.” DMCC official official statement.
DMCC claims that its economic zone has the highest concentration of cryptocurrency, blockchain and Web3 businesses in the Middle East and North Africa (MENA) region.
Dan Albert, Executive Director of the Solana Foundation, commented: “We look forward to working with members of the Cryptocurrency Center to allow them to join our chain and bring our existing ecosystem to DMCC so that they, too, can scale their operations.”
In March this year, Dubai issued rules on cryptocurrency-based activities and services for corporate companies to comply with. The government charges a fee of $27,000 (approximately Rs. 22 lakh) from cryptocurrency companies seeking permission to operate.
The world’s first hotel designed with the Bitcoin symbol is also being built in Dubai, claiming to support the digital asset industry.
As for Solana, its parent company Solana Labs plans to allow users to obtain awareness and educational content about cryptocurrencies, non-fungible tokens and blockchain through plug-ins similar to ChatGPT.
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