According to CryptoPotato, the native token of decentralized finance (DeFi) platform MANTRA, known as OM, reached a record high of $1.09 on June 10. This achievement aligns with the project's strategic expansion in the United Arab Emirates (UAE). As per CoinGecko data, OM has seen a 9.7% increase in the last 24 hours, trading at $1.04 at the time of writing. The token also witnessed a 78.20% surge in its trading volume, hitting $88 million, and has a market cap of $859 million, making it the 105th largest cryptocurrency.
MANTRA is a Real World Asset (RWA) Layer 1 blockchain designed to comply with and enforce real-world regulatory requirements. It offers a permissionless blockchain for permissioned applications, targeting both institutions and developers. The OM token plays a crucial role in MANTRA's ecosystem, enabling holders to engage in various DeFi activities such as lending, borrowing, and earning rewards. OM holders also have the power to vote on proposals that shape the platform's future.
The price surge follows MANTRA's announcement of a partnership in the UAE. The DeFi platform signed a Memorandum of Understanding (MOU) with Zand, a UAE-based digital bank, to establish clear frameworks for the tokenization of real-world assets (RWAs) in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). This partnership aims to streamline the tokenization of real-world assets in the UAE, ensuring strict adherence to regulatory standards and investor protection measures.
Earlier in March, MANTRA secured $11 million in a funding round led by Shorooq Partners to advance the tokenization of real-world assets. Zand, licensed by the Central Bank of the UAE, is the nation's first licensed digital bank, known for its commitment to innovation and providing transparent, secure digital banking services to both retail and corporate clients.
In a recent blog post, MANTRA highlighted its goal of leveraging its combined expertise in digital banking and secure RWA-focused blockchain technology to fully realize the potential of RWA compliance in the UAE and beyond, striving for a more efficient and inclusive financial future. The collaboration aims to elevate both the custody and exchange of real-world assets as a permanent feature in the suite of retail banking services in the region, working towards establishing industry standards for tokenization.