Mantra (OM) Reaches All-Time High Amid UAE Expansion

Mantra’s native token, OM, has soared to become the top gainer among the leading 100 cryptocurrencies, hitting its all-time high of $1.0924.

As of now, OM remains up by 13% in the last 24 hours, trading at $1.06. The token has also seen a dramatic 234% increase in trading volume, reaching $168 million in the same period. Additionally, OM’s market capitalization has surpassed $800 million, placing it as the 90th largest cryptocurrency at the time of writing.

Purpose of OM in Mantra’s Ecosystem

The OM token serves dual functions within the Mantra platform, which focuses on integrating real-world assets with decentralized finance (DeFi):

DeFi Activities: OM holders can participate in various DeFi activities on the Mantra platform, such as lending, borrowing, and earning rewards.
Governance: Token holders have voting rights on proposals that determine the platform’s future direction.

Strategic Partnership with UAE’s Zand Bank

The recent surge in OM’s value follows Mantra’s signing of a Memorandum of Understanding (MOU) with UAE-based bank Zand. This partnership aims to establish clear regulations for the tokenization of real-world assets (RWA), ensuring compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).

Objectives of the Partnership

The collaboration between Mantra and Zand is designed to enhance the efficiency and transparency of asset management through seamless tokenization. Michael Chan, CEO of Zand, emphasized the importance of this partnership in integrating blockchain technology with their financial services.

Chan stated, “We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market.”

Mantra’s Strategic Initiatives

In March, Mantra 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 are earmarked to accelerate Mantra’s efforts in promoting large-scale RWA tokenization.

Enhancing Financial Control and Security

Through this integration with blockchain technology, Zand aims to offer its clients greater control over their investments, enhanced security, and clearer insights into their transaction lifecycles. The partnership marks a significant step in leveraging blockchain to provide advanced financial solutions.

Broader Implications for the Cryptocurrency Market

Mantra’s success and its strategic expansion into the UAE illustrate the growing importance and potential of blockchain technology in mainstream financial systems. This collaboration sets a precedent for how traditional banks and blockchain platforms can work together to create more efficient, transparent, and secure financial ecosystems.

Conclusion

Mantra’s OM token is experiencing significant growth and recognition within the cryptocurrency market, driven by strategic partnerships and advancements in blockchain technology. As Mantra continues to push the boundaries of DeFi and RWA tokenization, it sets the stage for further innovations and collaborations in the financial sector.

With its ongoing projects and strong market performance, Mantra is positioned to play a pivotal role in the future of digital finance, offering new opportunities and solutions for investors worldwide. The partnership with Zand in the UAE is just the beginning of Mantra’s ambitious plans to integrate blockchain technology with traditional financial systems, promising a new era of financial management and transparency.

Links:

Bitcoin
Airdrop
Forex News
NFT
DeFi