Abu Dhabi World Market (ADGM), a monetary zone with over $635 billion in property underneath 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 enable ADGM to make use of Chainlink’s suite of instruments, corresponding to information feeds and interoperability know-how, ADGM mentioned 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 underneath its personal civil and industrial authorized system, based mostly on English Widespread Legislation. Designed to bolster Abu Dhabi’s standing as a monetary hub, ADGM performs a central position in attracting international corporations and increasing the town’s monetary providers sector.
By the top of 2024, ADGM hosted 134 asset and fund managers overseeing 166 funds. The full variety of monetary establishments working inside its jurisdiction rose to 275, with 79 new corporations, together with distinguished names corresponding to BlackRock, PGIM, and Morgan Stanley.
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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 know-how. The nation noticed a 41% improve in crypto app downloads in 2024 from 2023, and it ranked third out of 28 nations within the Henley Crypto Adoption Index 2024.
Abu Dhabi specifically has been a sizzling spot for crypto corporations. In December 2024, the ADGM Monetary Providers 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 authorised USDC (USDC) and EURC as the primary two stablecoins underneath its regime.
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