Ukrainian Developers to Build Strategic Web3 Infrastructure for Saudi Arabia

• Crypto exchange WhiteBIT has signed a strategic agreement with the Prince of Saudi Arabia.
• The Ukrainians will join the projects of stock market tokenization, CBDC and data centers.
• Within the framework of the cooperation, the creation of a joint venture is planned.

Crypto exchange with Ukrainian roots WhiteBIT has signed a strategic cooperation agreement with Durrah AlFodah Holding, owned by Prince Naif bin Abdullah bin Saud of Saudi Arabia. This was reported by representatives of the exchange.

The statement said that this partnership is a direct recognition of the high expertise of Ukrainian developers and is aimed at accelerating the national digital transformation in the Kingdom of Saudi Arabia within the Vision 2030 strategy.

As part of the cooperation, WhiteBIT will provide technological expertise and infrastructure design for key national projects laying the foundations of the Kingdom’s new economy, including

• stock market tokenization. Implementation of blockchain-based digital securities to increase liquidity and transparency in the Saudi financial market;
• development of CBDC infrastructure. Supporting the design of the Central Bank Sovereign Digital Currency (CBDC);
• national data centres. Establishment of large-scale, secure facilities for blockchain computing and digital asset mining.

Under the agreement, the parties will also establish a joint venture to manage and scale these initiatives, a direct testament to the high level of confidence in Ukrainian developments, the statement said.

Vladimir Nosov, founder and president of W Group (which includes WhiteBIT), said:

WhiteBIT stressed that this deal is a strong proof that the Ukrainian Web3-sector is not just following global trends, but actively creating them, exporting intellectual capital and technological solutions to the world’s leading markets.