On June 10, OM, the native token of the decentralized finance (DeFi) platform MANTRA, reached an all-time high of $1.09.
This milestone coincides with the project’s strategic expansion efforts within the United Arab Emirates (UAE).
OM Token Skyrockets Following MANTRA’s Strategic Partnership
According to CoinGecko data, at writing time, OM remains up 9.7% over the past 24 hours, currently trading at $1.04. The token also experienced a 78.20% surge in its trading volume, reaching $88 million, and boasts a market cap of $859 million, positioning it as the 105th largest cryptocurrency.
MANTRA is an RWA Layer 1 blockchain designed to adhere to and enforce real-world regulatory requirements. It provides a permissionless blockchain for permissioned applications, targeting both institutions and developers.
The OM token is central to MANTRA’s ecosystem, allowing holders to participate in various DeFi activities such as lending, borrowing, and earning rewards. Additionally, OM holders can vote on proposals that shape the platform’s future.
#Zand Bank and #MANTRA Sign MOU for RWA Compliance in the UAE
MANTRA and Zand will focus on defining clear frameworks for #RWA tokenization, in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). This move will ensure seamless #tokenization of real world… pic.twitter.com/rOS8HYF982
— MANTRA – Tokenizing RWAs (@MANTRA_Chain) June 5, 2024
The price surge follows MANTRA’s announcement of a partnership in the UAE. The DeFi platform signed a Memorandum of Understanding (MOU) with Zand, a UAE-based digital bank, to establish clear frameworks for the tokenization of real-world assets (RWAs) in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA).
This collaboration aims to streamline the tokenization of real-world assets in the UAE, ensuring strict adherence to regulatory standards and investor protection measures.
Earlier in March, MANTRA also secured $11 million in a funding round led by Shorooq Partners to advance the tokenization of real-world assets.
Zand, licensed by the Central Bank of the UAE, is the nation’s first licensed digital bank, known for its commitment to innovation and providing transparent, secure digital banking services to both retail and corporate clients.
MANTRA and Zand’s Collaboration
MANTRA, in a recent blog post, highlighted its goal of leveraging its combined expertise in digital banking and secure RWA-focused blockchain technology to fully realize the potential of RWA compliance in the UAE and beyond, striving for a more efficient and inclusive financial future.
Michael Chan, CEO of Zand, expressed enthusiasm, stating, “This collaboration represents a step forward in our journey to amalgamate blockchain technology with our robust financial offerings to give our clients greater control over their investments, enhanced security, and more clarity into the lifecycle of their transactions. We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market.”
John Patrick Mullin, CEO of MANTRA, stated that the collaboration aims to elevate both the custody and exchange of real-world assets as a permanent feature in the suite of retail banking services in the region, working towards establishing industry standards for tokenization.