The DMCC said it onboarded the Solana Foundation as one of its ecosystem partners for technical support and to build a robust ecosystem.
The Solana Foundation has joined the Dubai Multi Commodities Centre (DMCC) as an ecosystem partner. The DMCC, a free economic zone in the United Arab Emirates (UAE), will receive technical support and business development aid from the Solana Foundation.
An official announcement states that Solana Foundation’s support would be provided to the DMCC Crypto Centre, an ecosystem comprising Web3 and blockchain technology companies. The DMCC Crypto Centre provides for businesses and entrepreneurs looking to launch and scale their businesses.
The Solana and DMCC Partnership
The partnership will increase the DMCC’s existing offerings helping members to develop, launch, and scale via Solana. In addition, the Solana Foundation and the DMCC Crypto Centre will deliver webinars and educational materials on several Web3 topics.
The DMCC’s Executive Chairman and Chief Executive Officer, Ahmed Bin Sulayem, said providing support is the free zone’s core philosophy. According to the CEO, this strategy has helped the Centre develop one of the world’s most dynamic Web3 ecosystems. He also noted that the DMCC is the largest concentration of blockchain businesses in the MENA region. Ahmed Bin Sulayem said:
“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.”
DMCC partners include popular crypto exchange ByBit, Web3 incubator firm TDeFi, crypto market maker DWF Labs, and venture capital and accelerator firm Brinc. The DMCC is one of three economic free zones the UAE hopes will boost investment in the region. The other free zones include the Dubai Silicon Oasis Authority and the Abu Dhabi Global Market.
DMCC also Partnered with Enya Labs
In March, the DMCC partnered with decentralized infrastructure solutions developer Enya Labs, a core Boba Network contributor. Like Solana’s, the partnership also sought to provide the DMCC with technical support. In addition, Enya Labs will help create mentorship programs through the DMCC Crypto Academy.
The DMCC, among other things, said it plans to facilitate the development of smarter applications by leveraging the Boba Network. The network is a global platform that helps Web3 and blockchain businesses to build next-generation decentralized applications (dApps) with cheaper transaction and computation fees. Boba Network helps developers create smart contracts on several blockchain networks, including Avalanche, Ethereum, and Moonbeam. The partnership is also advantageous to Enya Labs as it will access the DMCC Crypto Centre’s community to find companies that can support Boba Network.
According to CoinMarketCap data, Solana is the 7th largest crypto by market cap, with over $9.5 billion. Trading at $23 as of this writing, SOL has climbed nearly 5% in the last 24 hours and more than 3% in 7 days.
In early September, payments giant Visa Inc announced that it is expanding stablecoin settlement to include the Solana blockchain via merchant acquirers Nuvei and Worldpay. Visa also added in an official release that it had already moved millions of USDC between issuers and acquirers via the Solana and Ethereum networks to settle fiat payments.
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