Mantra (OM) Breaks Records with Strategic Footprint in UAE
Mantra’s native token, OM, has recently emerged as the top gainer among the leading 100 cryptocurrencies, hitting an all-time high of $1.0924. This remarkable rise highlights the growing influence of Mantra in the DeFi space and its strategic moves in the global market.
As of now, OM remains strong, trading at $1.06 with a 13% increase over the past 24 hours. The token also saw an impressive 234% surge in trading volume, reaching $168 million within the same period. These numbers are a testament to the token’s robust performance and increasing investor interest.
Mantra’s OM token, pivotal within the blockchain platform focused on real-world assets, has also seen its market cap soar past $800 million, securing its position as the 90th largest cryptocurrency. This milestone underscores OM’s growing market presence and its strategic importance in the DeFi landscape.
The OM token serves dual purposes within the Mantra ecosystem. First, OM holders can engage in various DeFi activities on the platform, including lending, borrowing, and earning rewards. Second, token holders have voting rights on proposals that shape the platform’s future, ensuring a democratic and community-driven approach to governance.
🔥 #Zand Bank and #MANTRA Sign MOU for RWA Compliance in the UAE
— MANTRA – Tokenizing RWAs (@MANTRA_Chain) June 5, 2024
MANTRA and Zand will focus on defining clear frameworks for #RWA tokenization, in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). This move will ensure seamless #tokenization of real world… pic.twitter.com/rOS8HYF982
The recent surge in OM’s value follows a significant development: Mantra’s signing of a Memorandum of Understanding (MOU) with UAE-based bank Zand. This partnership aims to establish clear guidelines for real-world asset (RWA) tokenization, ensuring compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).
This strategic initiative is set to enhance the tokenization of real-world assets in the UAE, improving efficiency and transparency in asset management. Michael Chan, CEO of Zand, emphasized that this collaboration is a crucial step in integrating blockchain technology with their comprehensive financial offerings.
Through this integration, Zand aims to offer clients greater control over their investments, enhanced security, and clearer insights into transaction lifecycles. “We aim to simplify operations, reinforce trust and authenticity in asset legality, and broaden market access,” Chan added.
In March, Mantra secured an $11 million funding round led by Shorooq Partners, with participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone. These funds are earmarked to accelerate Mantra’s efforts in promoting large-scale RWA tokenization, further solidifying its position in the market.
By staying ahead with strategic partnerships and securing substantial funding, Mantra’s OM token is set to continue its upward trajectory, reshaping the landscape of real-world asset tokenization in the DeFi sector.
