Solana Signs MoU With Kazakhstan to Launch Economic Zone

Solana has signed a Memorandum of Understanding (MoU) with Kazakhstan in a strategic move to launch a Solana Economic Zone. The new project is intended for tokenized capital markets and talent development. This partnership is ultimately designed to bring Kazakhstan closer to its digitization goal alongside many of its counterparts. Kazakhstan’s Solana Economic Zone Targets Institutional Clients The Solana Economic Zone Kazakhstan (SEZ KZ) is Central Asia’s first blockchain economic zone. A few Solana Foundation members were recently in Kazakhstan to launch the initiative. The debut was done in collaboration with the Ministry of Digital Development, Innovation, and Aerospace Industry (MDAI). The newly launched Solana Economic Zone plans to attract international Web3 companies by providing regulatory support and infrastructure access. This project aligns with Kazakhstan’s broader efforts to achieve digital transformation and economic diversification through emerging technologies. Kazakhstan Pushes Boundaries With Blockchain Technology About a month ago, the Kazakhstan government attempted to fix its power problems using digital assets . To this end, it proposed a “70/30” model to use crypto mining to improve its power grid system. For more context on this plan, foreign investors’ funds will be used to offset the cost of the upgrades. Thereafter, 30% of the new energy will be used for crypto mining, while 70% will go into the national power grid. Interestingly, Kazakhstan’s increasing interest in crypto and blockchain technology comes at a time when regions like Nebraska are cracking down on crypto kiosks and ATMs. The reason for the crackdown was the risk of fraud. Rather than follow suit, Kazakhstan is pushing its boundaries and establishing new rules that could make crypto more accessible in its region. Growing Institutional Interest in Solana While memecoin hype has died down significantly, the increasing institutional interest is one of the catalysts keeping the price of SOL around $140. Sol Strategies and MemeStrategy are two companies that recently made major investments in the Solana ecosystem. Individually, both institutions added SOL to their corporate treasuries, raising hundreds of millions to buy the asset. In the first week of May, Sol Strategies purchased 122,524 SOL valued at over $18 million, funding the acquisition from its recently closed convertible note facility. More institutional investors may take a share of the ongoing Solana corporate treasury trend in a few weeks. The post Solana Signs MoU With Kazakhstan to Launch Economic Zone appeared first on TheCoinrise.com .

Source: The Coin Rise