This Altcoin Soars 20% In One Day Following Major Saudi Arabia Partnership
Overview
The native token of the crypto exchange WhiteBIT (WBT) has experienced a significant surge of 20% within a single day. This increase is attributed to the announcement of a strategic partnership aimed at advancing blockchain technology in Saudi Arabia.
Strategic Partnership Announcement
On Tuesday, WhiteBIT announced a cooperation agreement with Durrah AlFodah Holding, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud. The partnership focuses on promoting the development of blockchain technology, digital finance, and data infrastructure in Saudi Arabia. This collaboration aligns with the Kingdom’s Vision 2030 program, which aims to enhance economic diversification, technological innovation, and digital transformation across both public and private sectors.
The agreement is set to lay the groundwork for several key projects within the Kingdom, including stock market tokenization, guidance on Central Bank Digital Currency (CBDC), and the establishment of national data computing and mining centers. Under the terms of the agreement, WhiteBIT will contribute technological expertise and infrastructure design, while Durrah AlFodah will assist in the exchange’s market entry, regulatory engagement, and partnership development throughout Saudi Arabia.
This partnership follows WhiteBIT’s recent expansion into multiple regions, including Australia, Croatia, Italy, and Kazakhstan, as well as its dual entry into the Argentine and Brazilian markets. The collaboration is reportedly poised to create a joint venture company to manage and scale its national initiatives.
Market Performance of WBT
In the wake of the partnership announcement, WBT experienced a notable price increase, moving from the $51 level to an all-time high of $62.96 before stabilizing between the $60-$61 range. This surge is particularly significant given the context of recent market volatility, which has seen many leading cryptocurrencies decline to multi-month lows.
WBT has been on a notable upward trajectory, having achieved new highs in late June and consolidating within a $40-$47 range during the broader market rally from July to October. Despite the market’s corrective phase in early November, WBT managed to break out of its local range, reaching a new all-time high at that time. Following this, WBT traded between the $50-$55 range, retesting local lows before the latest breakout.
As of the latest data, WBT ranks 13th among all cryptocurrencies by market capitalization and is currently the only token within the top 20 cryptocurrencies to show double-digit gains.
Impact on the crypto market
- WhiteBIT’s partnership with Durrah AlFodah Holding highlights the growing interest in blockchain technology within Saudi Arabia.
- The strategic collaboration may pave the way for future projects in digital finance and data infrastructure in the region.
- WBT’s recent surge positions it as a leading cryptocurrency amidst market volatility, attracting attention from investors.
- The partnership aligns with broader trends of regulatory advancements and market expansions for crypto exchanges in new jurisdictions.
- WBT’s performance may influence other cryptocurrencies, demonstrating resilience even in challenging market conditions.
Updated: 11/20/2025, 7:23:26 AM
