‘Mantra (OM) reaches record high during growth in UAE’

OM, the native token of defi solutions platform Mantra, has surged to its all-time high of .0924, making it the top gainer among the leading 100 cryptocurrencies. As of now, OM is still up by 13% in the last 24 hours, trading at .06, with its trading volume experiencing a significant 234% surge to 8 million within the same timeframe.

The token’s market cap has also surpassed 0 million, solidifying its position as the 90th largest cryptocurrency. Mantra’s OM token serves dual purposes within the blockchain platform, focusing on real-world assets. OM holders can participate in various defi activities on the Mantra platform, such as lending, borrowing, and earning rewards. They also have the right to vote on proposals that shape the platform’s future direction.

This recent surge in OM’s price follows Mantra’s signing of a Memorandum of Understanding (MOU) with UAE-based bank Zand. Under this agreement, both entities will collaborate to establish clear frameworks for RWA tokenization in compliance with Dubai’s Virtual Asset Regulatory Authority (VARA). This strategic move aims to facilitate 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 the collaboration represents a pivotal step in integrating blockchain technology with the bank’s comprehensive financial services. By leveraging blockchain technology, Zand aims to empower its clients with greater control over their investments, enhanced security, and better insights into transaction lifecycles.

In March, Mantra successfully closed an million funding round led by Shorooq Partners, with strategic investors like Three Point Capital, Forte Securities, and Virtuzone also participating. The funds from this round will be utilized to further advance Mantra’s efforts in promoting large-scale RWA tokenization.