WhiteBIT, Europe's largest cryptocurrency exchange by traffic, has signed a strategic cooperation agreement with Durrah AlFodah Holding to spearhead Saudi Arabia's expansion into blockchain technology, digital finance, and national data infrastructure in a deal that could reshape the Kingdom's financial landscape.
The agreement, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud, positions the Ukrainian-founded exchange to play a central role in some of Saudi Arabia's most ambitious digital transformation projects, including the development of a central bank digital currency framework and stock market tokenization.
The partnership was facilitated by Seaside Arabia, which served as the strategic consultant and subject matter expert throughout negotiations. Both parties have stated their intention to form a joint venture to manage and scale the initiatives over time. The cooperation establishes a foundation for three major national-scale projects that align with the strategic pillars of Saudi Arabia's Vision 2030 economic diversification plan.
First, the partners plan to pursue stock market tokenization, introducing blockchain-based digital securities designed to enhance transparency, accessibility, and liquidity in the Saudi financial market. Second, the agreement includes CBDC framework development, supporting infrastructure research and design for a sovereign digital currency ecosystem. Third, the partners will work on national data computing and mining centers, building secure facilities for data processing, blockchain computation, and digital asset mining.
These initiatives build on Saudi Arabia's existing experimentation with blockchain technology. The Saudi Central Bank has been actively exploring CBDCs since 2019, when it conducted Project Aber in collaboration with the United Arab Emirates to examine blockchain's potential for cross-border payments. The central bank announced in 2023 that it continues to experiment with a phased CBDC project involving local banks and fintech firms.
Roles and Responsibilities
Under the terms of the agreement, the two parties will divide responsibilities along their respective strengths. Durrah AlFodah Holding will facilitate WhiteBIT's market entry into Saudi Arabia, including regulatory engagement and partnership development across the Kingdom. The Saudi company will handle the legal requirements and coordinate with regulators for WhiteBIT's blockchain services.
WhiteBIT, in turn, will provide technological expertise and infrastructure design to support the objectives laid out in the agreement. The exchange brings significant resources to the partnership, including a track record of institutional service development and security certifications that rank among the highest in the industry.
The collaboration envisions the formation of a joint venture company that would act as a central body for delivering the national-level blockchain and digital infrastructure solutions outlined in the deal.
WhiteBIT's Global Footprint
WhiteBIT is part of W Group, which serves more than 35 million users globally. The exchange itself has approximately 8 million registered users and recorded annual trading volume of $2.7 trillion in 2024. Founded in 2018 in Kharkiv, Ukraine, the platform has grown to become the largest European centralized crypto exchange by traffic.
The exchange offers more than 900 trading pairs and 340 digital assets, supporting transactions in nine fiat currencies. It became the first exchange in the world to achieve Level 3 certification under the Cryptocurrency Security Standard in December 2024. WhiteBIT maintains partnerships with Visa, FC Barcelona, Trabzonspor, FACEIT, and the Ukrainian national football team.
In 2025, the company has pursued aggressive international expansion, securing virtual asset service provider authorization in Italy, Croatia, and Kazakhstan, and launching operations in Australia.
Volodymyr Nosov, founder and president of W Group, emphasized the significance of the Saudi 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," Nosov stated. "Together, we aim to establish secure and sovereign blockchain systems that will shape the Kingdom's technological future."
Saudi Arabia's Digital Ambitions
The agreement arrives as Saudi Arabia intensifies its push to become a regional leader in blockchain and digital finance. The Kingdom has integrated digital assets into its Vision 2030 strategy, which seeks to diversify the economy and reduce reliance on oil revenue.
The Saudi Central Bank appointed a "Crypto Chief" and launched an active regulatory sandbox to explore blockchain applications across industries including logistics, real estate, and financial services. The country has also joined the Bank for International Settlements' mBridge project, further integrating into global CBDC platforms.
Commercial interest in blockchain has surged. By late 2024, Saudi Arabia experienced a 51% growth in blockchain commercial registrations, with over 4,000 companies registered in the space. The number of valid business records in the Kingdom reached 1.72 million, with a 34% growth in artificial intelligence registrations occurring alongside the blockchain expansion.
This momentum reflects a broader regional trend. The Gulf Cooperation Council countries have emerged as one of the most dynamic battlegrounds for digital asset regulation and CBDC development, with the UAE widely recognized as the most advanced virtual asset jurisdiction in the Middle East.
Final thoughts
The WhiteBIT partnership signals growing openness in Saudi Arabia toward cryptocurrency infrastructure, though the regulatory environment remains cautious compared to some regional neighbors. The country has not yet established a specific licensing regime for virtual asset service providers, though draft guidelines are under discussion and formal regulations are expected by late 2025.
For WhiteBIT, the deal represents a major expansion into one of the world's most significant emerging markets for digital finance. Saudi Arabia's large population, substantial sovereign wealth, and ambitious modernization agenda make it an attractive destination for blockchain companies seeking institutional-scale deployment opportunities.
The agreement also highlights the Kingdom's willingness to work with international partners to accelerate its digital transformation, rather than attempting to build all capabilities domestically. By partnering with an established European exchange that has already navigated complex regulatory environments and scaled its infrastructure to handle trillion-dollar trading volumes, Saudi Arabia gains immediate access to proven expertise.
Both parties stated that the agreement reinforces a shared vision to make Saudi Arabia a regional hub for blockchain innovation, digital finance, and data sovereignty. If the planned projects move forward successfully, they could position the Kingdom as a serious competitor to the UAE in attracting blockchain investment and talent to the Gulf region.
The partnership comes at a time when global competition for blockchain leadership is intensifying. Over 130 countries, representing more than 98% of global GDP, are now exploring CBDC development. China has moved furthest with its digital yuan, while emerging markets from India to Brazil are advancing their own pilots.
For Saudi Arabia, the WhiteBIT deal represents a concrete step toward ensuring it does not fall behind in this rapidly evolving landscape, while maintaining the sovereign control and regulatory oversight that its conservative approach to financial innovation demands.