Solana Company Signs On to Help Build Kazakhstan’s Crypto Megacity
- The agreement expands Solana Company’s involvement in Kazakhstan by supporting blockchain infrastructure and the planned Alatau Crypto Cluster.
- Kazakhstan continues to deepen its engagement with the Solana ecosystem through initiatives including a Solana Economic Zone and a locally listed Solana ETF.
- While Alatau City is envisioned as a technology-driven smart city, regulatory hurdles and infrastructure shortages remain unresolved.
Nasdaq-listed crypto treasury firm Solana Company has agreed to help develop blockchain and digital asset infrastructure for Alatau City, a planned digital-first city in Kazakhstan, further strengthening the country’s ties with the Solana ecosystem.
The agreement was signed through a memorandum of understanding during the Alatau City roadshow in Shenzhen and Hong Kong in June, where 30 cooperation agreements with a combined potential investment exceeding US$6 billion (AU$8.7 billion) were secured.
Under the partnership, Solana Company will provide advice across four areas: digital asset treasury, blockchain infrastructure, institutional blockchain adoption and platform development. The arrangement will also see the company contribute to the Alatau Crypto Cluster, a pilot economic zone where cryptocurrencies will be permitted for everyday transactions.
The latest agreement builds on Kazakhstan’s growing relationship with Solana. Last year, the country and the Solana Foundation established Central Asia’s first Solana Economic Zone in Astana, while the Solana Foundation separately signed its own memorandum with Alatau City during the June roadshow.
Kazakhstan’s stock exchange also launched its first Solana exchange-traded fund last week, offering regulated exposure to SOL.
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The Bigger Picture for Alatau City
Alatau City was unveiled internationally by President Kassym-Jomart Tokayev in May 2024 as a smart city featuring low-altitude aircraft, robotaxis, autonomous drones and a hydrogen-powered economy.
However, financial regulators have raised concerns over constitutional changes needed to support a crypto-based economy, while reports indicate the area still lacks reliable gas, water, electricity and internet infrastructure.
Related: Australia’s Digital Finance Crossroads: Build It Here or Buy It Later
The post Solana Company Signs On to Help Build Kazakhstan’s Crypto Megacity appeared first on Crypto News Australia.
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