Solana Company backs Kazakhstan's US$6B crypto city

• Solana Company signed an agreement to help develop blockchain and digital asset infrastructure for Kazakhstan's planned Alatau City.
• The project follows roadshows that secured 30 cooperation agreements with a combined investment potential exceeding US$6 billion.
• The partnership expands Solana's presence in Kazakhstan as the country seeks to become a regional digital asset hub.

Solana Company signed a memorandum of understanding with Kazakhstan's Alatau City Authority to support blockchain infrastructure, digital asset treasury development and institutional blockchain adoption in the planned smart city.

The agreement follows the Alatau City Roadshow in Shenzhen and Hong Kong, where organisers said they secured 30 cooperation agreements with a combined investment potential of more than US$6 billion.

“We look forward to deepening this partnership and expanding the Solana ecosystem's footprint across the region,” said Solana Company Chair and CEO Joseph Chee.

Solana Company said it will help develop the Alatau Crypto Cluster, a proposed special economic zone where cryptocurrencies could be used for everyday transactions, while the Solana Foundation separately signed its own memorandum of understanding with Alatau City to support blockchain development.

The company said the partnership strengthens its presence in Kazakhstan, which last year launched Central Asia's first Solana Economic Zone and recently introduced the region's first Solana (CRYPTO:SOL) exchange-traded fund on the Kazakhstan Stock Exchange (KASE), and following the announcement Solana Company shares had no reported material market reaction.

Kazakhstan first unveiled Alatau City in 2024 as a planned smart city expected to incorporate artificial intelligence, blockchain, digital identity, autonomous transport and hydrogen energy into its design.

The project remains in its early development stages, with reports indicating regulators have raised legal concerns about elements of the proposed crypto economy, while separate local reports suggest parts of the area still lack reliable gas, water, electricity and internet infrastructure.

At the time of reporting, Solana price was $73.64.