The native token of the crypto exchange WhiteBIT (WBT) is leading the mid-week altcoin market after a significant 20% surge over the past 24 hours. This performance follows the announcement of a key partnership with Durrah AlFodah Holding to promote the growth of blockchain technology in Saudi Arabia.
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WhiteBIT Secures Strategic Collab In Saudi Arabia
On Tuesday, top crypto exchange WhiteBIT unveiled it had signed a strategic cooperation agreement with Durrah AlFodah Holding, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud, aiming to drive the Kingdom’s development in blockchain technology, digital finance, and data infrastructure.
According to the announcement, the partnership aligns with the strategic pillars of the Kingdom of Saudi Arabia Vision 2030 program, which seeks to foster economic diversification, technological innovation, and digital transformation across the Kingdom’s public and private sectors.
Therefore, it will set the foundation for key projects within the Kingdom, including stock market tokenization, Central Bank Digital Currency (CBDC) guidance, and the creation 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 entry, regulatory engagement, and partnership development across Saudi Arabia.
The move follows the exchange’s expansion to several jurisdictions, including Australia, Croatia, Italy, and Kazakhstan, as well as its recent dual entry into the Argentine and Brazilian markets, after key regulatory developments in the two largest countries in South America.
The collaboration reportedly envisions the creation of a joint venture company between WhiteBIT and Durrah AlFodah to manage and scale its national-scale initiatives. Volodymyr Nosov, Founder and President of W Group, the global fintech ecosystem that includes WhiteBIT, affirmed:
“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. Together, we aim to establish secure and sovereign blockchain systems that will shape the Kingdom’s technological future.”
WBT Leads Mid-Week 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 the remarkable WBT’s price action during the recent market volatility, which has seen many major cryptocurrencies reach multi-month lows.
Notably, the altcoin rallied to new highs in late June and consolidated within its $40-$47 range during the broader market rally between July and October. However, as the market entered a corrective phase in early November, WBT went against the current and broke out of its local range, hitting a new ATH at the time.
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More on WhiteBIT’s Market Performance
Since then, the altcoin traded between the $50-$55 area, retesting the local range lows on Tuesday morning before the latest breakout to its new ATH. According to CoinGecko data, this performance crowns WBT as one of the leading cryptocurrencies in the past 24 hours, alongside Zcash (ZEC) and Starknet (STRK).
Moreover, 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.
As of this writing, WBT is trading at $60.62, a 9.8% increase for the altcoin in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com