Mantra (OM), the native token of the decentralized finance (DeFi) platform Mantra DAO, has reached a new peak, fueled by its strategic expansion into the United Arab Emirates (UAE).
OM Token Reaches All-Time High
- OM surged to an all-time high of $1.0924, solidifying its position as the top gainer among leading cryptocurrencies (as of unspecified date in the article).
- At the time of writing (within the article), OM maintains an impressive 13% gain over the past 24 hours, trading around $1.06.
- Trading volume has also skyrocketed by 234%, reaching $168 million within the same timeframe.
- This surge has propelled OM’s market capitalization above $800 million, ranking it as the 90th largest cryptocurrency (at the time of reporting).
Mantra’s Utility Token: Powering DeFi and Governance
The OM token serves two crucial functions within the Mantra DAO ecosystem:
- DeFi Activities: OM holders can participate in various DeFi services on the platform, including lending, borrowing, and earning interest on their holdings.
- Governance Rights: OM grants holders voting rights on proposals shaping the platform’s future direction.
MOU with Zand Bank Paves the Way for Real-World Asset Tokenization
The recent price surge coincides with Mantra DAO’s strategic partnership with Zand, a UAE-based bank. This collaboration aims to:
- Establish Clear Regulatory Framework: Both entities will work together to create a comprehensive framework for Real-World Asset (RWA) tokenization, ensuring compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).
- Streamline Asset Management: This initiative aims to simplify the tokenization of real-world assets in the UAE, fostering greater efficiency and transparency in asset management practices.
Benefits for Zand Bank and Its Clients
Zand Bank views this collaboration as a significant step towards integrating blockchain technology into its existing financial services:
- Enhanced Investment Control: The integration aims to provide Zand’s clients with greater control over their investments.
- Improved Security: Blockchain technology offers enhanced security features compared to traditional methods.
- Transaction Transparency: Clients will benefit from clearer insights into the lifecycle of their transactions.
- Broader Market Access: The collaboration seeks to widen access to the wider market for Zand’s clients.
Mantra DAO’s Funding Strength
Mantra DAO’s recent success is further bolstered by its successful $11 million funding round in March 2024, led by Shorooq Partners. This funding round secured participation from prominent investors, signaling confidence in the platform’s future prospects.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoasset