Solana Foundation Partners with DMCC Crypto Centre in Dubai
The Solana Foundation has announced its partnership with the Dubai Multi Commodities Centre (DMCC) Crypto Centre to strengthen the Web3 ecosystem in Dubai. The goal of the partnership is to provide support and resources to member companies and developers at the DMCC, helping them build and scale their ventures using Solana’s blockchain platform.
DMCC Welcomes Solana Foundation as Ecosystem Partner
The DMCC, known globally as a premier free zone and authority on commodities trade, is excited to collaborate with the Solana Foundation. This partnership will enhance the capabilities of DMCC members by leveraging the Solana blockchain platform for their initiatives.
As part of the alliance, the Solana Foundation will extend its grant program to DMCC-affiliated companies and contribute to the educational efforts of the DMCC Crypto Centre through webinars and courses on Web3 topics.
Positive Outlook on Collaboration
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, expressed his enthusiasm for the collaboration, highlighting Solana’s market capitalization of $8 billion and its global leadership in blockchain. He believes that this partnership will benefit businesses within the SOL ecosystem by providing complimentary setup, business licensing, and access to dedicated Solana engineering teams.
Dan Albert, Executive Director of the Solana Foundation, also shared his perspective on the collaboration. He emphasized Dubai’s thriving crypto industry and growth-oriented mindset, making DMCC an obvious choice for partnership. The Solana Foundation looks forward to integrating with DMCC members’ businesses and connecting their existing ecosystem to DMCC.
The Role of DMCC Crypto Centre in Dubai
The DMCC Crypto Centre serves as a hub for Web3 and blockchain technologies in Dubai, offering a range of services and amenities for crypto businesses. It is home to various members, including Bybit, DWF Labs, Ankr, Brink, Boba Network, and Hacken.
FTX Stakes 5.5 Million SOL Tokens
In other news related to Solana, FTX has staked 5.5 million SOL tokens according to on-chain data. This transaction, detected by crypto whale tracker Whale Alert, indicates a partnership with staking provider Figment. While these tokens represent a small fraction of FTX’s $1.3 billion SOL holdings, they have contributed to a positive sentiment within the Solana community.
FTX’s majority holdings are expected to unlock in the future. However, with this recent staking activity, the likelihood of offloading this portion of assets has diminished. As a result, the SOL token has seen a price surge of over 5% within the last 24 hours following the announcement.
At present, SOL is trading at $23.18.
Hot Take: Solana Foundation Expands Reach in Dubai’s Web3 Industry
The partnership between the Solana Foundation and DMCC Crypto Centre marks an important step in fortifying Dubai’s Web3 ecosystem. By providing support and resources to member companies and developers, this collaboration aims to empower ventures built on Solana’s blockchain platform.
The DMCC Crypto Centre serves as an essential hub for the Web3 industry in Dubai and offers comprehensive services for crypto businesses. Additionally, FTX’s staking of SOL tokens demonstrates confidence in Solana’s potential and has contributed to a price surge for the token.
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