WhiteBIT, one of Europe’s largest cryptocurrency exchanges, has signed a strategic cooperation agreement with Durrah AlFodah Holding, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud.

The agreement was facilitated by Seaside Arabia, which acted as a strategic consultant and advisor. 

The partnership aims to support Saudi Arabia’s growth in blockchain technology, digital finance, and data infrastructure. Furthermore, it aligns with Saudi Arabia’s Vision 2030 goals, which include promoting economic diversification, technological innovation, and digital transformation across both public and private sectors.

Building Saudi Arabia’s blockchain future

The partnership will focus on several large-scale national initiatives, including the tokenization of Saudi Arabia’s stock market to enhance transparency, liquidity, and accessibility; the development of a central bank digital currency (CBDC) framework to support a sovereign digital finance ecosystem; and the establishment of national data and computing centers designed for blockchain computation, data processing, and digital asset infrastructure.

Under the cooperation, Durrah AlFodah will oversee WhiteBIT’s market entry, regulatory coordination, and partnership development within the Kingdom. 

In turn, WhiteBIT will contribute its technological expertise and infrastructure design. The two parties also plan to establish a joint venture company to manage and expand these projects.

Volodymyr Nosov, Founder and President of W Group, which WhiteBIT is, commented on the partnership:

“It is an honor to work alongside the Holding of His Royal Highness Prince Naif Bin Abdullah Bin Saud to build the foundations of Saudi Arabia’s digital transformation. Together, we aim to establish secure and sovereign blockchain systems that will shape the Kingdom’s technological future.”

Featured image via WhiteBIT.