Ras Al Khaimah, UAE, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Conflux Network, a trailblazer in blockchain innovation, has sealed a momentous agreement with RAK Digital Assets Oasis (RAK DAO), an avant-garde initiative spearheaded by the Government of Ras Al Khaimah, to propel forward the realms of blockchain and digital asset development. This landmark collaboration signifies a significant leap forward for the blockchain industry, particularly within the Middle East region.
Underpinned by a shared vision of transformative progress, RAK DAO, established under Law No. 2 of 2023 in Ras Al Khaimah, UAE, and Conflux Network, a leading developer of Layer 1 blockchain networks, have inked a strategic Memorandum of Understanding (MOU) aimed at redefining the landscape of blockchain and digital assets. The MOU, effective since 2023, underscores a mutual commitment to harnessing complementary strengths and expertise for mutual advancement.
The partnership between RAK DAO and Conflux Network is multifaceted, encompassing the following key aspects:
- Technical Exchange and Collaboration: Both entities will engage in robust discussions to share technical insights and expertise, fostering collaboration towards common objectives.
- Joint Initiatives: The collaboration will spawn incubation and acceleration programs to nurture innovative projects, alongside the development of educational initiatives and the organization of events and workshops aimed at fostering a vibrant and collaborative blockchain community.
- Strategic Support and Development: RAK DAO will extend support to Conflux in establishing a robust presence in the UAE and wider Middle East, while Conflux will tailor blockchain solutions to meet the specific needs of digital and virtual asset companies within RAK DAO.
- Support and Grants: Conflux will offer support to startups and projects within RAK DAO, develop tailored blockchain solutions, and facilitate the entry of RAK DAO enterprises into Asian markets.
- Technical and Financial Support: Conflux will provide technical and financial support to local enterprises in Ras Al Khaimah pursuing digitalization initiatives and transitioning to Web3 frameworks.
The alliance between Conflux Network and RAK DAO is poised to yield significant benefits, including:
- Advancement and Expansion in Blockchain Technology: Leveraging the strategic location of RAK DAO and the technical prowess of Conflux Network, the partnership is primed to catalyze innovation and expansion in blockchain technology.
- Educational and Developmental Opportunities: The collaboration will nurture talent and provide educational resources, contributing to the cultivation of a knowledgeable and skilled workforce in the blockchain sector.
- Enriched Business Prospects: The partnership will unlock avenues for businesses and startups in the region to explore and integrate blockchain technologies, thereby invigorating the digital economy.
Both Conflux Network and RAK DAO are steadfast in their commitment not only to realizing the outlined objectives but also to exploring additional avenues for cooperation in the digital assets and Web3 space.
RAK DAO's role as a facilitator for digital asset companies and Conflux's expertise in blockchain development, make it an ideal collaboration, according to Dora Jiang, Global BD Lead of Conflux:
“Conflux is delighted to be joining forces with RAK DAO, an exciting initiative in the Web3 realm. This partnership aligns with our mission to provide blockchain infrastructure and support the global adoption of Web3 technologies. We look forward to leveraging our expertise and resources to empower businesses and entrepreneurs in Ras Al Khaimah. Together, we’ll shape the future of blockchain and digital assets in the region."
About RAK Digital Assets Oasis
RAK DAO, a strategic initiative by the Government of Ras Al Khaimah, is dedicated to fostering the growth of digital assets and blockchain technology within the region. With its progressive policies and supportive ecosystem, RAK DAO is rapidly becoming a hub for digital innovation and entrepreneurship.
About Conflux Network
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.
As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. Conflux has collaborated with global brands and government entities in the region on blockchain and metaverse initiatives, including the city of Shanghai, McDonald's China, and Oreo.
