The crypto exchange’s native token WhiteBIT (WBT) is leading the altcoin market mid-week after a significant 20% increase in the past 24 hours. This achievement follows the announcement of a major partnership with Durrah AlFodah Holding to promote the growth of blockchain technology in Saudi Arabia.
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WhiteBIT secures strategic cooperation in Saudi Arabia
On Tuesday, top crypto exchange WhiteBIT revealed that it had signed a strategic partnership agreement with Durrah AlFodah Holding, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud, aiming to boost the Kingdom’s development in blockchain technology, digital finance and data infrastructure.
According to the announcementthe partnership aligns with the strategic pillars of the Kingdom of Saudi Arabia’s Vision 2030 program, which aims to promote economic diversification, technological innovation and digital transformation in the Kingdom’s public and private sectors.
Therefore, it will lay the foundation for important projects within the Kingdom, including stock market tokenization, central bank digital currency (CBDC) guidelines, and the establishment of national data computing and mining centers.
Under the agreement, WhiteBIT will provide technological expertise and infrastructure design, while Durrah AlFodah will facilitate the crypto exchange’s market access, regulatory engagement and partnership development in Saudi Arabia.
This move follows the exchange’s expansion into multiple jurisdictions, including Australia, Croatia, Italy and Kazakhstan, and its recent dual entry into the Argentine and Brazilian markets, following major regulatory improvements in South America’s two largest countries.
The partnership reportedly aims to establish a joint venture between WhiteBIT and Durrah AlFodah to manage and scale its initiatives on a national scale. Volodymyr Nosov, Founder and President of W Group, the global fintech ecosystem of which WhiteBIT is a part, confirmed:
It is an honor to partner with His Royal Highness Prince Naif Bin Abdullah Bin Saud’s Holding Company to lay the foundations for Saudi Arabia’s digital transformation. Together, we aim to establish secure and sovereign blockchain systems that will shape the kingdom’s technological future.
WBT leads midweek Altcoin market
Following the news, WhiteBIT’s WBT token jumped from the $51 level to a new all-time high (ATH) of $62.96 before stabilizing between the $60-$61 area. This performance builds on WBT’s remarkable price action during recent market volatility, which has seen many leading cryptocurrencies hit multi-month lows.
Notably, the altcoin rose to new highs in late June and consolidated within the $40-$47 range during the broader market rally between July and October. However, as the market entered a correction phase in early November, WBT went against the grain and broke out of its local range, hitting a new ATH at the time.
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Since then, the altcoin has traded between the $50-$55 area, retesting the local lows on Tuesday morning before the latest breakout to its new ATH. According to CoinGecko data, this achievement crowns WBT one of the leading cryptocurrencies of the past 24 hours, alongside Zcash (ZEC) and Starknet (STRK).
Furthermore, the altcoin, which ranks 13th among all cryptocurrencies by market capitalization, is currently the only token with double-digit gains among the top 20 cryptocurrencies.
At the time of writing, WBT is trading at $60.62, up 9.8% for the altcoin in the weekly time frame.
Featured image from Unsplash.com, chart from TradingView.com