OM, the native token of defi solutions platform Mantra, has risen as the top gainer among the leading 100 cryptocurrencies as it attained its all-time high of $1.0924.
At the time of writing, OM is still up 13% in the last 24 hours, exchanging hands at a price of $1.06. The token also experienced a 234% surge in its trading volume, bringing it to $168 million within the same timeframe.
OM 24-hour price chart | Source: CoinMarketCap
Moreover, the token’s market cap also surpassed $800 million, marking it as the 90th largest cryptocurrency at the time of reporting.
Mantra’s OM token serves two main purposes within the blockchain platform, which is focused on real-world assets:
OM holders can use their tokens to engage in various defi activities on the Mantra platform, including lending, borrowing, and earning rewards. Additionally, they have the right to vote on proposals that influence the platform’s future direction.
The latest OM surge comes after Mantra has signed a Memorandum of Understanding (MOU) with UAE-based bank Zand.
🔥 #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
Under this agreement, both entities will work closely together to frame clear rules for RWA tokenization to ensure compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).
The strategic initiative will promote the seamless tokenization of real-world assets in the UAE, hence improving the efficiency and transparency of asset management procedures.
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Michael Chan, CEO of Zand, disclosed that the collaboration marks a crucial step in their journey to integrate blockchain technology with their robust financial offerings.
Through the integration, the bank aims to provide its clients with greater control over their investments, enhanced security, and clearer insights 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,” added Chan.
Earlier in March, Mantra completed an $11m funding round led by Shorooq Partners. The round also saw participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone.
The funds will be used to double down on Mantra’s efforts to promote large-scale RWA tokenization.
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