DeFi
Mantra (OM) hits record high amid strategic expansion in UAE
OM, the native token of the challenge solutions platform Mantrabecame the biggest gainer among the top 100 cryptocurrencies by hitting its all-time high of $1.0924.
At the time of writing, OM is still up 13% over the last 24 hours, trading at a price of $1.06. The token also saw a 234% increase in trading volume, bringing it to $168 million over the same period.
24 hour OM price chart | Source: CoinMarketCap
Additionally, the token’s market capitalization also crossed $800 million, making it the 90th largest cryptocurrency at the time of the report.
Mantra’s OM token serves two main purposes within the blockchain platform, which focuses on real-world assets:
OM holders can use their tokens to engage in various challenge activities on the Mantra platform, including lending, borrowing, and earning rewards. Additionally, they have the right to vote on proposals that influence the future direction of the platform.
OM’s latest push comes after Mantra signed a memorandum of understanding (MOU) with UAE-based Zand Bank.
🔥 #Zand Bank and #MANTRA Sign a Memorandum of Understanding for RWA Compliance in the UAE
MANTRA and Zand will focus on defining clear frameworks for #RWA tokenization, in accordance with the Virtual Asset Regulatory Authority of Dubai (VARA). This decision will guarantee fluidity #tokenization of the real world… pic.twitter.com/rOS8HYF982
– MANTRA – Tokenization of RWA (@MANTRA_Chain) June 5, 2024
As part of this agreement, the two entities will work closely to define clear rules for RWA tokenization to ensure compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).
The strategic initiative will promote the seamless tokenization of real-world assets in the UAE, thereby improving the efficiency and transparency of asset management procedures.
Michael Chan, CEO of Zand, revealed that the collaboration marks a crucial milestone in their journey to integrate blockchain technology into their robust financial offerings.
Through this integration, the bank aims to offer its customers greater control over their investments, enhanced security and a clearer view of the life cycle of their transactions.
“We aim to simplify operations, build trust and authenticity in the legality of assets, and expand access to a wider market,” Chan added.
Earlier in March, Mantra completed an $11 million funding round led by Shorooq Partners. The round also saw participation from strategic investors such as Three Point Capital, Forte Securities and Virtuzone.
The funds will be used to double Mantra’s efforts to promote RWA tokenization at scale.