Abu Dhabi World Market (ADGM), a monetary zone with over $635 billion in belongings beneath administration, signed a Memorandum of Understanding (MoU) with Chainlink in a transfer to attach the world of conventional finance with blockchain information.
The settlement will permit ADGM to make use of Chainlink’s suite of instruments, comparable to information feeds and interoperability expertise, ADGM stated in a March 24 announcement. The partnership additionally goals to encourage additional dialogue round blockchain, synthetic intelligence, and different rising applied sciences within the area.
ADGM, which opened in 2015, is within the United Arab Emirates’ monetary free zone. It operates beneath its personal civil and industrial authorized system, primarily based on English Widespread Regulation. Designed to bolster Abu Dhabi’s standing as a monetary hub, ADGM performs a central position in attracting international corporations and increasing town’s monetary companies sector.
By the top of 2024, ADGM hosted 134 asset and fund managers overseeing 166 funds. The entire variety of monetary establishments working inside its jurisdiction rose to 275, with 79 new corporations, together with outstanding names comparable to BlackRock, PGIM, and Morgan Stanley.
Associated: What’s Chainlink, and the way does it work?
UAE sees rising crypto adoption
A number of metrics present that cryptocurrency adoption within the UAE is rising, aided by authorities openness to the rising expertise. The nation noticed a 41% enhance in crypto app downloads in 2024 from 2023, and it ranked third out of 28 international locations within the Henley Crypto Adoption Index 2024.
Abu Dhabi specifically has been a scorching spot for crypto corporations. In December 2024, the ADGM Monetary Companies Regulatory Authority formally acknowledged Tether’s USDT (USDT) stablecoin as an accepted digital asset, paving the best way for the cryptocurrency’s integration into the native monetary ecosystem.
On March 12, Binance introduced that MGX, an Abu Dhabi-based funding agency, had invested $2 billion into the change, one of many largest funding offers within the trade’s historical past.
Dubai, one other Emirate within the UAE, has additionally proven itself open to cryptocurrency companies. In February, Dubai accepted USDC (USDC) and EURC as the primary two stablecoins beneath its regime.
Journal: X Corridor of Flame: ChainLinkGod was in Excessive Faculty when he began the account!