Is this why MANTRA (OM) hit ATH despite general market stagnation?

On June 10, OM, the native token of the decentralized finance (DeFi) platform MANTRA, reached an all-time high of $1.09.

This milestone coincides with the project’s strategic expansion efforts in the United Arab Emirates (UAE).

OM Token soars after MANTRA’s strategic partnership

According to data from CoinGecko, at the time of writing, OM is still up 9.7% over the past 24 hours, currently trading at $1.04. The token also saw a 78.20% increase in its trading volume, reaching $88 million, and has a market capitalization of $859 million, positioning it as the 105th largest cryptocurrency.

MANTRA is an RWA Layer 1 blockchain designed to meet and enforce real-world regulatory requirements. It provides a permissionless blockchain for permissioned applications, targeting both institutions and developers.

The OM token is central to the MANTRA ecosystem, allowing holders to participate in various DeFi activities such as borrowing, lending and earning rewards. In addition, OM holders can vote on proposals that shape the future of the platform.

🔥 #Zand Bank i #MANTRA Sign MOU for RWA compliance in UAE

MANTRA and Zand will focus on defining clear frameworks for #RWA tokenization, in accordance with the Dubai Virtual Assets Regulatory Authority (VARA). This move will ensure continuity #tokenization from the real world… pic.twitter.com/rOS8HYF982

— MANTRA – RWA Tokenization (@MANTRA_Chain) June 5, 2024

The price increase follows MANTRA’s announcement of a partnership in the United Arab Emirates. The DeFi platform signed a memorandum of understanding (MOU) with Zand, a digital bank based in the United Arab Emirates, to establish clear frameworks for the tokenization of real-world assets (RWA) in accordance with the Authority Dubai Virtual Assets Regulator (VARA).

This collaboration aims to streamline the tokenization of real-world assets in the UAE, ensuring strict compliance with regulatory standards and investor protection measures.

Earlier in March, MANTRA also secured $11 million in a funding round led by Shorooq Partners to advance the tokenization of real-world assets.

Licensed by the UAE Central Bank, Zand is the country’s first licensed digital bank, known for its commitment to innovation and the provision of transparent and secure digital banking services to both retail and corporate customers.

MANTRA and the collaboration of Zand

MANTRA, in a recent blog post, highlighted its aim to leverage its combined expertise in digital banking and RWA-focused secure blockchain technology to fully realize the potential of RWA compliance in the UAE and beyond , fighting for a more efficient and inclusive financial future.

Michael Chan, CEO of Zand, expressed enthusiasm, stating, “This collaboration represents a step forward in our journey to merge blockchain technology with our robust financial offerings to give our clients greater control over their investments , improved security and greater clarity in the lifecycle of your transactions. Our goal is to simplify operations, strengthen trust and authenticity in the legality of assets, and expand access to the wider market.”

John Patrick Mullin, Managing Director of MANTRA, stated that the collaboration aims to elevate both the custody and exchange of real-world assets as a permanent feature of the region’s retail banking service suite, working to set industry standards for tokenization.

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