Solana Company Joins $6 Billion Blockchain Megacity Project in Kazakhstan
Summary
- Solana Company said it signed an MOU to advise on and support the buildout of blockchain and digital-asset infrastructure for the development of Kazakhstan's Alatau City.
- A total of 30 cooperation agreements were signed at the Alatau City roadshow, and their combined potential investment was reported to exceed $6 billion.
- The Kazakhstan Stock Exchange became the first major exchange in Central Asia to launch a Solana (SOL) ETF, while the country is pushing to expand everyday digital-asset payments through development of the Alatau Crypto Cluster.
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Solana Company, a Nasdaq-listed digital-asset firm, will support the development of Alatau City, a planned digital-focused new city in Kazakhstan.
Cointelegraph reported on June 30 that Solana Company signed a memorandum of understanding at an Alatau City roadshow held this month in Shenzhen and Hong Kong. The agreement covers advisory and support work for building blockchain and digital-asset infrastructure. The roadshow produced 30 cooperation agreements with combined potential investment of more than $6 billion.
Joseph Onorati, Solana Company's chairman and chief executive officer, said he expects the partnership to deepen and help expand the Solana ecosystem's presence across Central Asia.
The move further strengthens ties between Kazakhstan and the Solana ecosystem. Last year, Kazakhstan and the Solana Foundation launched Central Asia's first Solana Economic Zone in the capital, Astana. Separately, the Solana Foundation signed another MOU at the roadshow with Alatau City to support blockchain capacity building. The Kazakhstan Stock Exchange, or KASE, last week became the first major exchange in Central Asia to launch a Solana (SOL) ETF.
The partnership between Solana Company and Alatau City covers four areas: digital-asset treasury, blockchain infrastructure, accelerated institutional adoption and platform development. Alisher Abdykadyrov, head of Alatau City, said the MOU will also bring Solana Company into the development of the Alatau Crypto Cluster, a dedicated pilot zone where digital assets can be used in everyday transactions.
Kazakh President Kassym-Jomart Tokayev first unveiled the Alatau City megaproject internationally in May 2024. The plan envisions a smart city built around urban transport using low-altitude aircraft, robotaxis and autonomous drones, alongside a hydrogen-based economy. Kazakhstan's central bank and financial regulators have raised concerns about constitutional revisions needed to implement a digital-asset-based economy. Residents in the Alatau City area are also facing shortages of basic infrastructure, including gas, water, electricity and internet service, suggesting the project could take significant time to materialize.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.