MANTRA, the DeFi platform behind the OM token, recently reached an all-time high of $1.09 on June 10. This achievement comes as the project expands strategically in the United Arab Emirates (UAE). At the time of writing, the OM token is up 9.7% over the past 24 hours, trading at $1.04 with a 78.20% surge in trading volume, reaching $88 million. With a market cap of $859 million, OM is currently ranked as the 105th largest cryptocurrency.
MANTRA is a Layer 1 blockchain that focuses on adhering to real-world regulatory requirements, providing a permissionless blockchain for permissioned applications aimed at institutions and developers. The OM token is central to MANTRA’s ecosystem, allowing holders to engage in various DeFi activities such as lending, borrowing, and earning rewards. Additionally, OM holders can participate in voting on proposals that shape the platform’s future.
In a strategic move, MANTRA has partnered with Zand, a UAE-based digital bank, to establish clear frameworks for the tokenization of real-world assets in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). This collaboration is aimed at streamlining the tokenization of real-world assets in the UAE, ensuring compliance with regulatory standards and investor protection measures. Earlier this year, MANTRA secured $11 million in funding led by Shorooq Partners to advance the tokenization of real-world assets.
Zand, as the first licensed digital bank in the UAE, holds a license from the Central Bank of the UAE and is known for its commitment to innovation and providing transparent, secure digital banking services to both retail and corporate clients. The collaboration between MANTRA and Zand aims to leverage their combined expertise in digital banking and secure RWA-focused blockchain technology to enhance RWA compliance in the UAE and beyond, working towards a more efficient and inclusive financial future.
Michael Chan, CEO of Zand, expressed enthusiasm for the collaboration, highlighting the goal of merging blockchain technology with financial offerings to provide clients with greater control over investments, enhanced security, and clarity into transaction lifecycles. The aim is to simplify operations, enhance trust and authenticity in asset legality, and broaden access to the market. John Patrick Mullin, CEO of MANTRA, emphasized that the collaboration seeks to elevate custody and exchange of real-world assets as a permanent feature in retail banking services in the region and aims to establish industry standards for tokenization.
Overall, the partnership between MANTRA and Zand signifies a significant step towards enhancing RWA compliance in the UAE, with a focus on tokenizing real-world assets in alignment with regulatory standards. This collaboration showcases the potential for blockchain technology to revolutionize financial services and provide clients with more secure and transparent investment opportunities. As the DeFi platform continues to expand its presence globally, the OM token’s performance reflects investor confidence in MANTRA’s strategic initiatives and commitment to innovation in the digital asset space.
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