Abu Dhabi International Market (ADGM), a monetary zone with over $635 billion in property below 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, comparable to information feeds and interoperability know-how, 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 below its personal civil and industrial authorized system, primarily based on English Frequent Regulation. Designed to bolster Abu Dhabi’s standing as a monetary hub, ADGM performs a central function in attracting world companies and increasing town’s monetary providers sector.
By the tip of 2024, ADGM hosted 134 asset and fund managers overseeing 166 funds. The overall variety of monetary establishments working inside its jurisdiction rose to 275, with 79 new companies, together with outstanding names comparable 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% increase in crypto app downloads in 2024 from 2023, and it ranked third out of 28 countries within the Henley Crypto Adoption Index 2024.
Abu Dhabi specifically has been a sizzling spot for crypto companies. In December 2024, the ADGM Monetary Providers Regulatory Authority formally acknowledged Tether’s USDT (USDT) stablecoin as an accepted virtual 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 exchange, one of many largest funding offers within the business’s historical past.
Dubai, one other Emirate within the UAE, has additionally proven itself open to cryptocurrency companies. In February, Dubai authorized USDC (USDC) and EURC as the first two stablecoins under its regime.
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