Abu Dhabi consultancy firm Pulsar Group has agreed to participate as one of four strategic investors in a Solana digital asset treasury called Solmate, as per an official press release. The treasury is expected to be worth $300 million.
The investment will be secured through a PIPE (Private Investment in Public Equity) deal., The crypto treasury project will create the first Solana-backed infrastructure ecosystem in the UAE.
“The UAE has consistently demonstrated its commitment to being a forward-thinking, blockchain-friendly jurisdiction,” Pulsar Group CEO Alyazi Alkhattal.
“At Pulsar, we are proud to back Solmate in building real infrastructure that accelerates Solana adoption while bringing talent, innovation, and opportunity directly to the UAE,”
Currently, the U.S. leads the digital asset treasury race with multiple companies creating their own reserves.
In some cases, businesses have transitioned from older established businesses to shift into digital asset treasuries such as Metaplanet, which was formerly a hotel management business, or SharpLink gaming, which was initially focused on iGaming or affiliate marketing.
The UAE has positioned itself as a blockchain-friendly country, implementing various initiatives to help regulate the sector, such as the creation of VARA in Dubai (Virtual Assets Regulatory Authority) and the creation of a digital asset regulatory framework in Abu Dhabi through updating the FSRA.