Solana, a publicly traded company, will support the $6 billion cryptocurrency-powered mega-city project in Kazakhstan

BlockBeats News, June 30th, Nasdaq-listed cryptocurrency asset management company Solana Company signed a Memorandum of Understanding with Alatau City in Kazakhstan to assist in building the city's blockchain and crypto infrastructure.

This collaboration stemmed from a roadshow in Shenzhen and Hong Kong in June, during which 30 partnership agreements were reached, with a potential total investment of over $6 billion. The cooperation will cover four main areas: digital asset custody, blockchain infrastructure, institutional adoption acceleration, and platform development. Solana Company will also participate in the construction of the Alatau Crypto Industry Cluster—an experimental economic zone that allows for daily crypto transactions.

Previously, Kazakhstan had partnered with the Solana Foundation to establish the first Solana Economic Zone in the capital, Astana, and the Kazakhstan Stock Exchange launched the first Solana ETF last week.

Alatau City is a smart city vision proposed by Kazakh President Tokayev in May 2024, encompassing plans for drones, robotaxis, and a hydrogen-powered economy. However, the project still faces real-world challenges: the Kazakh central bank and financial regulatory authorities have expressed concerns about the constitutional amendments needed to support the crypto economy, and independent media reports have also shown that local residents currently face issues with insufficient infrastructure such as gas, water, electricity, and internet access.