WhiteBIT crypto exchange and Durrah AlFodah holding to drive blockchain in KSA

WhiteBIT, a European cryptocurrency exchange has entered an agreement with Durrah AlFodah Holding, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud, to drive the Saudi Arabia’s advancement in blockchain technology, digital finance, and data infrastructure.

The agreement which was facilitated Seaside Arabia, seeks to set the foundation for key national scale projects in KSA including stock market tokenization, which will introduce blockchain-based digital securities to enhance transparency, accessibility, and liquidity in the Saudi financial market; as well as a framework for Central Bank Digital Currency (CBDC) Framework Development in addition to national Data Computing and Mining Centers which will include building secure and large-scale facilities for data processing, blockchain computation, and digital asset mining.

Under the agreement, Durrah AlFodah will facilitate WhiteBIT’s market entry, regulatory engagement, and partnership development across Saudi Arabia, while WhiteBIT will provide technological expertise and infrastructure design. The collaboration also envisions the formation of a joint venture company to manage and scale these initiatives.

Volodymyr Nosov, Founder and President of W Group, which WhiteBIT is, stated, “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.”

The announcement comes as Saudi Arabia starts to embrace stablecoins, tokenization of real estate assets and its ongoing CBDC project.