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Solana Joins Dubai’s Largest Free-Trade Zone to Foster Web3 Adoption

The Solana Foundation, the not-for-profit entity steering the Solana layer-1 blockchain, has partnered with the Dubai Multi Commodities Centre (DMCC), the UAE’s most extensive free trade zone. This partnership aims to leverage the Web3 potential in Dubai.

Through this alliance, Solana will extend both technical guidance and business development assistance to the crypto community within Dubai’s DMCC, as outlined in the official announcement.

Boasting a burgeoning membership of over 550 cryptocurrency entities, the DMCC Crypto Centre is renowned as the most expansive congregation of crypto and blockchain ventures in that region.

The inclusion of Solana (SOL) is poised to amplify the capabilities of DMCC members, enabling them to mold their ideas and expand their projects leveraging one of the most distinguished blockchains, as stated in the official announcement. With a market capitalization surpassing $9.4 billion, Solana stands tall among the top 10 global crypto initiatives.

Ahmed Bin Sulayem, DMCC’s CEO, highlighted that as part of this collaboration, the free zone would grant complimentary business establishment and licensing for projects within the Solana ecosystem.

He remarked, “The essence of the DMCC Crypto Centre lies in fostering a conducive environment. It’s through such endeavors that we’ve cultivated one of the most vibrant and value-driven ecosystems for Web3 companies. We boast the highest density of crypto, blockchain, and Web3 enterprises throughout the MENA region.”

Additionally, Solana is set to host webinars and provide educational sessions encompassing a variety of Web3 subjects, as mentioned in the announcement.

The DMCC Crypto Centre boasts partnerships with several other entities, including Bybit, Hacken, and Brinc. These member companies are engrossed in the development of Web3 and blockchain technologies, and they furnish a gamut of value-added services essential for crypto businesses and innovators.

In recent news, Solana garnered significant attention due to its performance, attracting an impressive sum of around $24 million. This marked its most substantial influx since March 2022, as highlighted in a report by Coinshares.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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