OM, the native token of the defi solutions platform Mantra, has recently seen a significant surge in value, making it the top gainer among the leading cryptocurrencies. The token reached an all-time high of $1.0924 and is currently trading at $1.06, up 13% in the last 24 hours. This increase in value has also been accompanied by a 234% surge in trading volume, reaching $168 million within the same timeframe. Additionally, the token’s market cap has surpassed $800 million, making it the 90th largest cryptocurrency at the time of reporting.
The OM token serves two main purposes within the Mantra platform, which focuses on real-world assets. OM holders can actively participate in various defi activities such as lending, borrowing, and earning rewards using their tokens. They also have the right to vote on proposals that influence the platform’s future direction. The recent surge in the OM token’s value follows a Memorandum of Understanding (MOU) signed between Mantra and UAE-based bank Zand.
The MOU aims to define clear frameworks for RWA tokenization in compliance with Dubai’s Virtual Asset Regulatory Authority (VARA). This strategic initiative will facilitate the seamless tokenization of real-world assets in the UAE, enhancing the efficiency and transparency of asset management procedures. Michael Chan, CEO of Zand, views this collaboration as a crucial step towards integrating blockchain technology with the bank’s financial offerings. The partnership will provide clients with greater control over their investments, enhanced security, and clearer insights into their transactions.
Mantra recently completed an $11 million funding round led by Shorooq Partners, with participation from strategic investors. The funds will be utilized to further promote large-scale RWA tokenization efforts. This strategic focus on real-world assets tokenization aligns with Mantra’s mission to revolutionize the defi space and provide users with new opportunities for financial growth and empowerment. The collaboration with Zand and other strategic partners underscores Mantra’s commitment to innovation and expansion in the digital asset ecosystem.
In conclusion, the recent surge in the value of the OM token and the strategic partnership with Zand highlight Mantra’s growth and success in the defi space. With a focus on real-world asset tokenization and innovative blockchain solutions, Mantra is well-positioned to continue driving value and growth in the cryptocurrency market. The collaboration with Zand and the successful funding round reflect the strong interest and support from investors and stakeholders in Mantra’s vision and mission. As the cryptocurrency market evolves and expands, Mantra’s unique approach to defi solutions and real-world asset tokenization will likely continue to attract attention and drive success in the digital asset space.
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