OM, the native token of the decentralized finance (defi) platform known as Mantra, has emerged as the top performer among the top 100 cryptocurrencies, reaching an all-time high of $1.0924.
Currently, OM is still showing a 13% increase over the past 24 hours, with a trading price of $1.06. The token has also experienced a significant surge in trading volume, skyrocketing by 234% to $168 million within the same period.
Additionally, the market capitalization of OM has exceeded $800 million, positioning it as the 90th largest cryptocurrency in the market.
The OM token on Mantra’s platform serves two primary functions, focusing on real-world assets. Holders of OM can utilize their tokens for various defi activities such as lending, borrowing, and earning rewards. Furthermore, they have the privilege to participate in voting on proposals that shape the platform’s future development.
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. The collaboration aims to establish clear guidelines for the tokenization of real-world assets to comply with Dubai’s Virtual Asset Regulatory Authority (VARA).
This strategic partnership is set to facilitate the 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 significant milestone in their journey to integrate blockchain technology into their financial services. Through this integration, the bank aims to empower clients with greater control over their investments, improved security, and better insights into their transaction lifecycle.
In March, Mantra successfully completed an $11 million funding round led by Shorooq Partners, with participation from strategic investors like Three Point Capital, Forte Securities, and Virtuzone. The funds raised will be utilized to further enhance Mantra’s efforts in promoting large-scale tokenization of real-world assets.
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