Saudi Arabia's Vision 2030 Drives Blockchain-Driven Economic Transformation with WhiteBIT Partnership

WhiteBIT, the largest European cryptocurrency exchange by traffic, has entered a strategic partnership with Saudi Arabian conglomerate Durrah AlFodah Holding to accelerate the Kingdom's digital transformation through blockchain technology, tokenization, and Central Bank Digital Currency (CBDC) development according to reports. The agreement, facilitated by Seaside Arabia as a strategic consultant, aligns with Saudi Arabia's Vision 2030, which seeks to diversify the economy, drive technological innovation, and modernize financial systems according to data.

The partnership outlines three primary initiatives: tokenizing the Saudi stock market to enhance transparency and liquidity, developing a CBDC framework to support a sovereign digital currency ecosystem, and constructing large-scale blockchain data centers for secure computation and digital asset mining as reported. Durrah AlFodah will assist WhiteBIT in navigating regulatory frameworks and establishing local partnerships, while the exchange will provide technical expertise in blockchain infrastructure design according to the report. The collaboration also envisions forming a joint venture to manage and scale these projects according to analysis.

WhiteBIT's founder and president, Volodymyr Nosov, emphasized the significance of the alliance, stating, "Together, we aim to establish secure and sovereign blockchain systems that will shape the Kingdom's technological future." The partnership targets the tokenization of Saudi Arabia's $2.7 trillion securities market, a move that could unlock unprecedented liquidity and global investment opportunities according to industry analysis. Additionally, the CBDC initiative aims to streamline international settlements, reduce transaction costs, and strengthen the riyal's role in oil and trade transactions as reported.

Saudi Arabia's blockchain ambitions are gaining momentum. In Q2 2025 alone, blockchain-related business registrations surged by 51%, reflecting the Kingdom's rapid adoption of digital infrastructure according to data. Recent projects, such as Saudi Awwal Bank's blockchain-powered Islamic Repo and the Trump Group's tokenized hotel development in the Maldives, underscore the country's commitment to innovation according to reports. The partnership with WhiteBIT further positions Saudi Arabia as a regional hub for blockchain, with plans to build a National Data Computing Center to bolster secure data exchange and cybersecurity according to industry sources.

The agreement also aligns with broader U.S.-Saudi economic ties, as evidenced by President Donald Trump's recent efforts to deepen bilateral relations through defense contracts and investment commitments according to official statements. However, the focus on digital finance highlights Saudi Arabia's parallel push to reduce reliance on traditional sectors and embrace a tech-driven economy according to market analysis.