- OM, the native token of the decentralized finance (DeFi) platform MANTRA, achieved a new all-time high of $1.09 on June 10.
- This remarkable feat aligns with MANTRA’s strategic initiatives to expand within the United Arab Emirates (UAE).
- “The recent surge in OM’s value is reflective of strategic partnerships and targeted growth within structured regulatory environments,” said Michael Chan, CEO of Zand.
OM token reaches unprecedented heights amidst MANTRA’s UAE expansion. Dive into the details of this landmark achievement and explore the implications of MANTRA’s strategic partnerships.
OM Token Escalates Following MANTRA’s UAE Partnership Announcement
According to recent data from CoinGecko, OM saw a 9.7% increase over the last 24 hours, trading at $1.04. The token’s trading volume skyrocketed by 78.20%, reaching an impressive $88 million, boosting its market cap to $859 million and securing its position as the 105th largest cryptocurrency.
MANTRA operates as an RWA Layer 1 blockchain, designed specifically to meet and enforce real-world regulatory standards. It offers a permissionless blockchain experience for permissioned applications, targeting both institutional and developer communities.
The OM token serves as the backbone of MANTRA’s ecosystem, enabling users to engage in various DeFi activities including lending, borrowing, and earning rewards. In addition, OM token holders have voting rights on key proposals that determine the platform’s future direction.
MANTRA and Zand secure MOU for RWA compliance in UAE, setting a new standard for blockchain integration with real-world assets.
— MANTRA (@MANTRA_Chain) June 5, 2024
The recent price increase can be attributed to MANTRA’s announcement of a significant partnership in the UAE. The platform entered into a Memorandum of Understanding (MOU) with Zand, a leading UAE-based digital bank. This partnership aims to establish clear frameworks for the tokenization of real-world assets (RWAs), in line with guidelines set by the Virtual Asset Regulatory Authority of Dubai (VARA).
This strategic collaboration aims to streamline the process of tokenizing real-world assets in the UAE, ensuring strict regulatory compliance and robust investor protection protocols.
Earlier this year, in March, MANTRA secured $11 million in a funding round led by Shorooq Partners. These funds are earmarked to enhance the platform’s capabilities in tokenizing real-world assets.
Zand, known for being the UAE’s first licensed digital bank and regulated by the Central Bank of the UAE, is committed to innovation. The bank provides transparent and secure digital banking solutions to both retail and corporate clients.
Synergy Between MANTRA and Zand
In a recent blog post, MANTRA emphasized its aim to leverage its complementary expertise in digital banking and secure RWA-focused blockchain technology to fully capitalize on RWA compliance opportunities in the UAE and beyond. The ultimate goal is to create a more efficient and inclusive financial future.
Michael Chan, CEO of Zand, stated, “This collaboration marks a pivotal step in merging blockchain technology with our comprehensive financial offerings, granting clients greater control over their investments and enhancing security measures. It aims to simplify operational processes, reinforce asset authenticity, and improve market access.”
John Patrick Mullin, CEO of MANTRA, highlighted that the collaboration aims to incorporate the custody and exchange of real-world assets into standard retail banking services in the region. The partnership seeks to establish industry-wide standards for tokenization.
Conclusion
MANTRA’s OM token reaching an all-time high signifies the increasing significance of DeFi platforms that comply with real-world regulatory requirements. With strategic partnerships like the one with Zand, MANTRA is poised to revolutionize the tokenization of real-world assets, offering a glimpse into a more integrated and regulated financial ecosystem. This development not only highlights the potential of blockchain technology but also signals a broader acceptance and trust in digital financial assets.
