OM Mantra reaches record high as it continues strategic growth in the UAE
OM, the native token of the decentralized finance platform known as Mantra, has emerged as the top performer among the top 100 cryptocurrencies by reaching a record high of $1.0924.
Currently, OM is still showing a 13% increase in the last 24 hours, with a trading price of $1.06. The token has also experienced a significant 234% surge in trading volume, reaching $168 million during the same period.
In addition, the market cap of OM has exceeded $800 million, making it the 90th largest cryptocurrency at the time of this report.
The OM token on Mantra’s platform serves two primary functions in relation to real-world assets. Holders of OM tokens can participate in various decentralized finance activities such as lending, borrowing, and earning rewards. They also have the opportunity to vote on proposals that impact the future direction of the platform.
The recent surge in OM’s value follows the signing of a Memorandum of Understanding (MOU) between Mantra and Zand, a bank based in the UAE. This partnership aims to establish clear guidelines for the tokenization of real-world assets in compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).
The collaboration is expected to facilitate the seamless tokenization of assets in the UAE, enhancing the efficiency and transparency of asset management processes.
Michael Chan, CEO of Zand, emphasized that this collaboration is a significant milestone in integrating blockchain technology with the bank’s financial services. The goal is to offer clients more control over their investments, increased security, and better insights into their transactions.
Mantra recently completed an $11 million funding round led by Shorooq Partners, with participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone. These funds will be used to further promote the tokenization of real-world assets on a larger scale.
For more information, you can also check out the surge of CHEX by 42% as Chintai focuses on RWA tokenization.
