Abu Dhabi Global Market (ADGM), a financial zone with more than $ 635 billion in assets under administration, signed a memorandum of understanding (MOU) with Chainlink in a movement to connect the world of traditional finances with blockchain data.
The agreement will allow ADGM to use the Chainlink tools as a whole, such as database and interoperability technology, ADGM said in a March 24 advertisement. The association also aims to promote greater discussion about blockchain, artificial intelligence and other emerging technologies in the region.
ADGM, which was inaugurated in 2015, is located in the Financial Free Zone of the United Arab Emirates. It operates under its own civil and commercial legal system, based on English customary law. Designed to reinforce the state of Abu Dhabi as a financial center, ADGM plays a central role in attracting global companies and expanding the city’s financial services sector.
https://www.youtube.com/watch?v=Tyo993t72ms
At the end of 2024, ADGM organized 134 asset and fund administrators that supervise 166 funds. The total number of financial institutions operating within their jurisdiction increased to 275, with 79 new companies, including prominent names such as Blackrock, PGIM and Morgan Stanley.
Related: What is Chainlink and how does it work?
EAU sees ascending cryptographic adoption
Multiple metrics show that the adoption of cryptocurrencies in the EAU is increasing, aided by the opening of the government to emerging technology. The country saw a 41% increase in cryptographic application discharges in 2024 since 2023, and occupied the third of 28 countries in the Henley 2024 crypto adoption index.
Abu Dhabi in particular has been a hot point for cryptographic companies. In December 2024, the ADGM Financial Services Regulatory Authority officially recognized the Stablcoin of the USDT (USDT) of Tether as an accepted virtual asset, racing the path for the integration of cryptocurrency in the local financial ecosystem.
On March 12, Binance announced that MGX, an investment firm based in Abu Dhabi, had invested $ 2 billion in the exchange, one of the largest financing agreements in the history of the industry.
Dubai, another emirate in the EAU, has also been open to cryptocurrency businesses. In February, Dubai approved the USDC (USDC) and ERC as the first two Stablecoins under its regime.
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