As a researcher with a background in blockchain technology and decentralized finance, I’m excited to witness the impressive growth of MANTRA’s OM token following its strategic partnership with Zand, a UAE-based digital bank. The collaboration between these two entities is a significant step forward in realizing the potential of real-world asset (RWA) compliance within the regulatory framework of the Virtual Asset Regulatory Authority of Dubai (VARA).
On the 10th of June, the native cryptocurrency of the decentralized finance platform Mantra, named OM, hit a new peak price of $1.09.
This event marks a significant point in our project’s growth strategy in the United Arab Emirates (UAE).
OM Token Skyrockets Following MANTRA’s Strategic Partnership
Based on information from CoinGecko, at present, OM is experiencing a gain of 9.7% in the last 24 hours, with its current price being $1.04. Additionally, there has been a significant increase in trading volume for this token, amounting to $88 million, and it holds a market capitalization of $859 million, making it the cryptocurrency ranked 105th by market cap.
Mantra is a blockchain platform at the foundational layer of RWA (Regulatory Compliance as a Service), built to ensure conformity with real-world regulations. It offers a permissionless network for creating permitted applications, catering to both financial institutions and developers.
As a crypto investor in MANTRA, I’d say that the OM token plays a pivotal role in our ecosystem. By holding OM tokens, we gain the ability to engage in various Decentralized Finance (DeFi) actions such as lending, borrowing, and earning rewards. Furthermore, being an OM token holder grants us the power to cast votes on proposals that determine the direction of this platform in the future.
#Zand Bank and #MANTRA Sign MOU for RWA Compliance in the UAE
Mantra and Zand will work on establishing definitive structures for the RWA tokenization process, adhering to the guidelines set by Dubai’s Virtual Asset Regulatory Authority (VARA). By doing so, they aim to facilitate a smooth transition of real-world assets into digital tokens.
— MANTRA – Tokenizing RWAs (@MANTRA_Chain) June 5, 2024
After MANTRA announced its partnership with Zand, a digital bank based in the UAE, the price of the DeFi platform’s tokens surged. This collaboration resulted in an MOU being signed, which aims to create a solid structure for tokenizing real-world assets (RWAs) in accordance with Dubai’s Virtual Asset Regulatory Authority (VARA).
In partnership with industry players, we are working to simplify the process of converting tangible assets into digital tokens in the UAE, while maintaining rigorous compliance with legal frameworks and safeguarding investors’ interests.
Back in March, I was thrilled to learn that MANTRA successfully raised $11 million through a funding round headed by Shorooq Partners. This investment will undoubtedly propel their efforts forward in the realm of tokenizing real-world assets.
Zand, endorsed by the UAE Central Bank, represents the country’s inaugural digitally-authorized bank. Renowned for fostering innovation, this trailblazing financial institution offers uncompromised transparency and robust security in digital banking solutions tailored to both individual and corporate customers.
MANTRA and Zand’s Collaboration
As a crypto investor, I’m excited about MANTRA’s recent announcement. They’re committed to utilizing their unique blend of digital banking know-how and secure RWA-centric blockchain technology to unlock the full potential of RWA compliance in the UAE and beyond. Their vision is to create a more efficient and inclusive financial future for all.
Michael Chan, the CEO of Zand, showed great excitement as he announced, “This partnership signifies a significant stride towards integrating blockchain technology into our existing financial services. Our goal is to empower clients with improved investment control, heightened security, and clearer transaction visibility. We aim to streamline processes, build trust and authenticity in asset legitimacy, and expand market reach.”
I, John Patrick Mullin, CEO of MANTRA, am excited to announce that our collaboration intends to upgrade the handling and trading of real-world assets as a long-term addition to the array of services in the local banking sector. Our goal is to set the bar high and define industry norms for tokenization.
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2024-06-10 16:30