In a groundbreaking move, WhiteBIT, one of Europe’s largest cryptocurrency exchanges, has entered into a strategic partnership with the Saudi-based Durrah AlFodah Holding, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud. The collaboration, facilitated by Seaside Arabia as a strategic advisor, is set to revolutionize the Kingdom’s digital and blockchain landscape.
Driving Saudi Arabia’s Vision 2030 Goals
This partnership aligns with Saudi Arabia’s ambitious Vision 2030, aimed at economic diversification, digital innovation, and technological advancement. The agreement will focus on several large-scale national initiatives, including:
- Tokenizing the Saudi stock market to boost transparency, liquidity, and accessibility.
- Developing a framework for a Central Bank Digital Currency (CBDC), aiming to build a sovereign digital finance system.
- Establishing state-of-the-art blockchain computation, data processing, and digital asset infrastructure centers.
How WhiteBIT and Durrah AlFodah Will Collaborate
Under this strategic agreement, Durrah AlFodah will manage WhiteBIT’s entry into the Saudi market while coordinating regulatory processes and fostering essential partnerships. Meanwhile, WhiteBIT will lend its technological expertise to design cutting-edge blockchain systems. The two entities also plan to create a joint venture company to oversee and expand these initiatives.
Executive Statements on the Partnership
Volodymyr Nosov, Founder and President of W Group (which owns WhiteBIT), commented: “It is an honor to collaborate with the Holding of His Royal Highness Prince Naif Bin Abdullah Bin Saud. Together, we aim to establish secure and sovereign blockchain systems that will shape Saudi Arabia’s technological future.”
With this partnership, Saudi Arabia is poised to become a leader in blockchain technology and digital finance, creating a blueprint for other nations to follow.
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