Saudi Arabia taps WhiteBIT for CBDC and market tokenization efforts
Crypto exchange WhiteBIT has signed a cooperation agreement with the investment firm Durrah AlFodah Holding to establish a joint venture for managing stock-market tokenization projects and developing a CBDC in Saudi Arabia.
According to the press release, the agreement lays the foundation for major national initiatives, including:
- Stock-market tokenization — introducing blockchain-based digital securities to enhance transparency, accessibility, and liquidity in Saudi Arabia’s financial markets;
- CBDC infrastructure development — supporting research and designing the ecosystem for a sovereign digital currency;
- National data centers and crypto-mining facilities — building secure and scalable infrastructure for data processing, blockchain computing, and digital-asset mining.
These initiatives align fully with Saudi Arabia’s Vision 2030 program, supporting economic diversification, technological innovation, and digital transformation across the public and private sectors.
“It is a great honor for us to work with His Royal Highness Prince Naif bin Abdullah bin Saud’s holding to lay the groundwork for Saudi Arabia’s digital transformation. Together, we aim to create secure and sovereign blockchain systems that will shape the Kingdom’s technological future,” said Vladimir Nosov, founder and president of W Group, which includes WhiteBIT.
New opportunities for WhiteBIT
As part of this partnership, Durrah AlFodah will support WhiteBIT’s entry into the Saudi Arabian market, assist in interactions with regulators, and help build partnerships nationwide. WhiteBIT, in turn, will provide technological expertise and infrastructure design.
The agreement emphasizes a shared goal: making Saudi Arabia a regional hub for blockchain innovation, digital finance, and data sovereignty. A joint venture is expected to be established to manage and scale these initiatives.
As we wrote, Saudi Arabia says 85% of Vision 2030 goals met
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