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Solana Joins Dubai’s Largest Free-Trade Zone to Foster Web3 Adoption

Sujha Sundararajan
Last updated: | 1 min read
Source: Pixabay

Solana Foundation, the nonprofit organization behind the layer-1 blockchain Solana, has joined the largest free trade zone in the UAE – the Dubai Multi Commodities Centre (DMCC) – as an ecosystem partner, to tap into the Web3 value in Dubai.

The collaboration will enable Solana to offer technical and business development support to Dubai’s DMCC crypto community,  the official release notes.

The DMCC Crypto Centre hosts a rapidly-growing community of over 550 crypto firms and is the largest ecosystem of crypto and blockchain companies in the region.

Solana’s (SOL) integration would increase DMCC members’ ability to develop their concepts and scale their projects using one of the most prominent blockchains, the release notes. Solana currently boasts a market capitalization of over $9.4 billion placing it among the top 10 global crypto projects.

Through the partnership, the free zone will provide complimentary set up and business licensing for Solana ecosystem projects, Ahmed Bin Sulayem, CEO of DMCC said.

“Providing this type of supportive environment is our core philosophy for the DMCC Crypto Centre. It is through this strategy that we have developed one of the most dynamic and value-creating ecosystems for Web3 firms, offering the largest concentration of crypto, blockchain and Web3 businesses across the MENA region.”

Further, Solana would also deliver webinars and educational trainings on a wide range of Web3 topics, the announcement added.

Other DMCC Crypto Centre partners include Bybit, Hacken, Brinc, among others. The member companies develop Web3 and blockchain technologies, and associated value-added services and provide everything that crypto businesses and entrepreneurs need.

Last week, Solana’s performance placed the altcoin in the spotlight as it amassed roughly $24 million, the largest inflow since March 2022, according to Coinshares report.