Solana Backs Kazakhstan’s $6B Crypto City Push

Solana News

Solana Company has signed an agreement to support blockchain and <a href="https://xpertsstudio.com/zec-crypto-breaks-1000-enters-top-10-as-volume-jumps-173/” title=”ZEC crypto breaks $1,000, enters top 10 as volume jumps 173%”>crypto infrastructure for Alatau City, Kazakhstan’s planned digital-first megacity.

The Nasdaq-listed crypto treasury firm signed a memorandum of understanding during the Alatau City Roadshow in Shenzhen and Hong Kong in June. The roadshow reportedly secured 30 cooperation agreements with more than $6 billion in combined investment potential.

The agreement adds to Kazakhstan’s growing links with the Solana ecosystem. Last year, the country launched Central Asia’s first Solana Economic Zone in Astana with the Solana Foundation.

Related Article: Solana Infrastructure Expands Across Asia Pacific

Alatau Plans Crypto Pilot Zone

Solana Company’s work with Alatau City will cover digital asset treasury planning, Blockchain infrastructure, institutional blockchain adoption, and platform development.

Alatau City Authority CEO Alisher Abdykadyrov saidthe agreement also includes participation in the Alatau Crypto Cluster. The zone is planned as a pilot area and special economic zone where crypto can be used for everyday transactions.

The Solana Foundation also signed a memorandum of understanding with Alatau City during the China roadshow. The Kazakhstan Stock Exchange launched its first Solana ETF last week, giving investors regulated exposure to Solana (SOL).

Smart City Remains in Early Development

Kazakh President Kassym-Jomart Tokayev introduced the AlatauCity megaproject to an international audience in May 2024. The city remains largely in the planning and early development stage.

Planners have described the project as a smart city built with artificial intelligence, digital identity, and blockchain technology from the beginning. The project also includes plans for low-altitude aircraft, robotaxis, autonomous drones, and hydrogen-powered infrastructure.

The plan still faces policy and infrastructure hurdles. The Diplomat reported in March that Kazakhstan’s National Bank and Financial Monitoring Agency raised concerns about constitutional changes needed for a crypto-based economy, while independent reports said current residents still face limited access to gas, water, electricity, and internet connectivity.

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