The Abu Dhabi Global Market (ADGM), a financial district managing over $635 billion in assets, has entered into a partnership with Chainlink to bridge traditional finance with blockchain data.
This arrangement will allow ADGM to utilize Chainlink’s various tools, including data feeds and interoperability solutions, as announced on March 24. The collaboration is also aimed at fostering discussions on blockchain, artificial intelligence, and other innovative technologies in the area.
By the close of 2024, ADGM hosted 134 asset and fund managers overseeing 166 funds. The total number of financial institutions within its jurisdiction climbed to 275, with 79 new firms joining, including well-known entities like BlackRock, PGIM, and Morgan Stanley.
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Crypto Adoption on the Rise in the UAE
A variety of indicators demonstrate an increasing acceptance of cryptocurrency in the UAE, buoyed by the government’s welcoming stance towards emerging technologies. The nation experienced a 41% surge in crypto app downloads in 2024 compared to the previous year, earning a ranking of third out of 28 countries in the 2024 Henley Crypto Adoption Index.
Abu Dhabi, in particular, has become a hub for crypto businesses. In December 2024, the financial regulatory authority in ADGM officially acknowledged Tether’s USDT stablecoin as an accepted virtual asset, facilitating its integration into the local financial framework.
On March 12, Binance revealed that an Abu Dhabi-based investment firm, MGX, had injected $2 billion into the exchange, marking one of the largest funding deals in the history of the industry.
Dubai, another Emirate within the UAE, has also demonstrated an openness to cryptocurrency enterprises. In February, Dubai approved USDC and EURC as the first stablecoins within its regulatory framework.
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