The native token of the decentralized finance (defi) solutions platform Mantra, OM, has emerged as the top gainer among the leading 100 cryptocurrencies, reaching an all-time high of $1.0924. Currently, OM is still up 13% in the last 24 hours, trading at $1.06, with a 234% surge in trading volume to $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.
Mantra’s OM token plays a dual role within the blockchain platform, focusing on real-world assets. OM holders can utilize their tokens for various defi activities on the Mantra platform, such as lending, borrowing, and earning rewards. Furthermore, they have the ability to vote on proposals that impact the platform’s future direction. The recent surge in the price of OM comes after Mantra signed a Memorandum of Understanding (MOU) with UAE-based bank Zand.
The agreement between Mantra and Zand aims to define clear frameworks for RWA tokenization, ensuring compliance with Dubai’s Virtual Asset Regulatory Authority (VARA). This strategic collaboration will facilitate the seamless tokenization of real-world assets in the UAE, enhancing the efficiency and transparency of asset management processes. Michael Chan, CEO of Zand, emphasized that this partnership represents a significant milestone in their mission to integrate blockchain technology into their robust financial services, offering clients greater control over their investments, enhanced security, and clearer insights into transaction lifecycles.
The collaboration between Mantra and Zand is part of a larger trend in the blockchain and cryptocurrency industry towards increasing regulatory compliance and bridging the gap between traditional finance and decentralized technologies. By working closely with regulatory authorities like VARA, blockchain-based platforms can ensure legal compliance while enabling the tokenization of real-world assets. This move not only benefits investors and clients by providing greater transparency and security but also promotes innovation and adoption of blockchain technology in the financial sector.
In March, Mantra completed an $11 million funding round led by Shorooq Partners, with participation from strategic investors like Three Point Capital, Forte Securities, and Virtuzone. These funds will be utilized to further Mantra’s efforts in promoting large-scale RWA tokenization, supporting the growth and development of the platform as it continues to explore new opportunities and partnerships in the emerging blockchain and defi landscape. Through strategic collaborations and investments, Mantra aims to expand its reach and solidify its position as a key player in the decentralized finance sector.
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