WhiteBIT’s native token, WBT, is leading the mid-week altcoin market with a 20% surge in the past day. This jump comes after the crypto exchange announced a partnership with Durrah AlFodah Holding to advance blockchain technology in Saudi Arabia.
On Tuesday, WhiteBIT revealed a strategic agreement with Durrah AlFodah Holding, represented by His Royal Highness Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz Al Saud. The collaboration aims to support Saudi Arabia’s growth in blockchain, digital finance, and data infrastructure, aligning with the Kingdom’s Vision 2030 goals for economic diversification and technological innovation.
Key initiatives under the partnership include tokenizing the stock market, guiding the development of a Central Bank Digital Currency (CBDC), and establishing national data computing and mining centers. WhiteBIT will contribute technical expertise and infrastructure design, while Durrah AlFodah will assist with market entry, regulatory matters, and forming local partnerships.
This move is part of WhiteBIT’s ongoing global expansion, which has recently included entries into Australia, Croatia, Italy, Kazakhstan, Argentina, and Brazil. The partnership plans to form a joint venture to manage these large-scale national projects.
Volodymyr Nosov, Founder and President of W Group, which includes WhiteBIT, stated, “It is an honor to work with His Royal Highness’s Holding to build the foundations of Saudi Arabia’s digital transformation. Together, we aim to create secure and sovereign blockchain systems that will shape the Kingdom’s technological future.”
Following the announcement, WBT’s price rose from around $51 to a new all-time high of $62.96 before settling between $60 and $61. This surge stands out amid recent market volatility that has pushed many major cryptocurrencies to multi-month lows.
WBT had previously reached new highs in late June and held steady between $40 and $47 during the summer and early fall rally. In November, while the broader market corrected, WBT broke out of its range and set a then-record high. It has since traded between $50 and $55, retesting the lower end of that range before Tuesday’s breakout to a new peak.
According to CoinGecko, WBT is among the top-performing cryptocurrencies in the last 24 hours, alongside Zcash and Starknet. It is the only token in the top 20 by market cap to achieve double-digit gains recently. Currently, WBT is trading at $60.62, up 9.8% over the past week.
Frequently Asked Questions
Of course Here is a list of helpful FAQs about an altcoins major price jump following a partnership announcement
Beginner General Questions
1 What is an altcoin
An altcoin is any cryptocurrency other than Bitcoin The name is short for alternative coin
2 Why did this altcoins price jump 20
The price jumped because the project announced a major new partnership with Saudi Arabia Big positive news often leads to increased buying and a price surge
3 What does a partnership mean in crypto
It means the altcoins development team is officially collaborating with another organizationin this case a nationstateto use its technology for a specific project or to integrate it into their systems
4 Is it too late to buy the altcoin now
Theres no definitive answer The price has already risen on the news so buying now is riskier It could continue to climb or it might drop if the excitement fades Never invest more than you can afford to lose
5 Where can I buy this altcoin
You can typically buy altcoins on major cryptocurrency exchanges like Binance Coinbase Kraken etc Youll need to check which specific exchanges list this particular coin
Questions About the Partnership Impact
6 What is the partnership with Saudi Arabia actually for
You would need to read the official announcement for specifics but it could be for anything from developing a national blockchain infrastructure and payment systems to using the altcoins technology in energy or financial sectors
7 Why is a partnership with a country like Saudi Arabia such a big deal
Partnerships with national governments add massive legitimacy and credibility It suggests the technology is serious and has realworld utility which can attract major institutional investors
8 Will this partnership directly increase the value of the coin
Not directly but it can indirectly increase value If the partnership leads to more people using the coins network it can drive up demand for the coin itself which can raise its price
9 What are the risks of this partnership falling through
Like any business deal partnerships can be delayed or canceled If that happens it could severely damage investor confidence and lead to a sharp price decline
Advanced Strategic Questions