The MANTRA (CRYPTO: OM) token has experienced a significant surge in the last 24 hours, with its value rising to $1.07. This spike follows a recent development involving a partnership with a bank in the UAE.

What Happened: MANTRA surged by 18.58% following a recent agreement between Zand Bank and MANTRA, signing a Memorandum of Understanding for real-world asset compliance in the UAE.

Under this MOU, MANTRA and Zand Bank are set to collaborate closely to establish clear frameworks for RWA tokenization, ensuring compliance with the Virtual Asset Regulatory Authority of Dubai. This strategic move aims to facilitate seamless tokenization of real-world assets within the UAE, enhancing the efficiency and transparency of asset management processes.

Speaking about this collaboration, Michael Chan, CEO of Zand, emphasized the significance of this step in advancing blockchain technology and fostering financial inclusivity.

He stated, "This collaboration represents a step forward in our journey to amalgamate blockchain technology with our robust financial offerings to give our clients greater control over their investments, enhanced security, and more clarity into the lifecycle of their transactions. We aim to simplify operations, reinforce security, and add clarity in the asset's legality, ensuring investors' confidence and adherence to the wider market."

Zand Bank, licensed by the Central Bank of the UAE, stands out as the country's premier licensed digital bank, delivering ease, safety, and transparency to both retail and corporate clients in the digital banking landscape.

This strategic partnership between Zand Bank and MANTRA reflects the growing integration of blockchain technology in traditional financial systems, showcasing the UAE's commitment to fostering innovation and regulatory compliance in the digital asset sector.

Why It Matters: The surge in MANTRA's price comes amid a period of significant activity in the cryptocurrency market. Analysts have predicted that Bitcoin (CRYPTO: BTC) could soon reach a milestone of $100,000, with the cryptocurrency on the verge of a significant technical breakout.

Meanwhile, other cryptocurrencies have also been making waves. Pepe (CRYPTO: PEPE), a meme coin, has outperformed the market, becoming the most-traded meme token and experiencing steady gains. Similarly, a GameStop (CRYPTO: GME) themed meme coin saw a spike following a social media post by trader Keith Gill.

Price Action: MANTRA has seen significant price movements, with an 18.41% increase in the last 24 hours, a 24.44% rise over the past week, and an impressive 4476.80% surge in the last year.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote