Solana Foundation, a leading blockchain platform, has announced its partnership with the Dubai Multi Commodities Centre (DMCC). DMCC is one of the United Arab Emirates’ three free economic zones. In a report from October 15, the DMCC lauded Solana as one of the most prominent blockchains in the world.
Solana will offer technical and business development support to all DMCC Crypto Centre members, according to the announcement. The company will also provide webinars and educational courses covering various Web3 topics. It’ll also extend its already functional grant program within DMCC.
Details of Solana’s Partnership with DMCC
The CEO of DMCC, Ahmed Bin Sulayem, had this to say about the new partnership:
“Solana is one of the most prominent blockchains in the world, boasting a market capitalisation of USD 8 billion, placing it in the top 10 largest crypto projects globally. Through this landmark signing, we will provide complimentary set up and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights”
CEO DMCC, Ahmed Bin Sulayem.
Dubai has been progressively adopting crypto-related regulations. The city has been releasing guidelines for corporate firms dealing with crypto-based activities and services earlier this year in March. Companies seeking operational permissions for crypto-related activities can expect to pay around $27,000 in fees.
The DMCC’s ecosystem partners list now boasts names like crypto exchange Bybit, DWF Labs, and TDeFi. The inclusion of venture capital fund Brinc and a selection of other entities brings the total number of DMCC members to 23,000 companies.
read more: Crypto Regulation Doesn’t Have to be “Perfect”-Solana Co-Founder
With the Solana Foundation extending its support to DMCC Crypto Centre members, the future looks bright for the development and expansion of web3 applications in the region.
Finally, Solana’s partnership with Dubai DMCC as an ecosystem partner signifies a milestone in the adoption of blockchain technology in a major global business hub. This collaboration validates blockchain’s potential in various industries and paves the way for future developments in the Middle Eastern market. With more businesses and governments across the world recognizing the value of blockchain and crypto technologies, the future of the crypto industry has never been more promising.
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