The native crypto currency of blockchain and DeFi platform Mantra, OM, experienced a 14% surge due to the latest announcement.
Mantra revealed that it has completed an $11 million financing round to expand its efforts towards real world assets (RWA).
Investment firm Shorooq Partners led the $11 million financing round, with significant players such as Three Point Capital, Forte Securities, Virtuzone, Hex Trust, and GameFi Ventures also participating in the round.
Project Founder John Patrick Mullin emphasized the significance of the new funding, highlighting the company’s imminent licensing from Dubai’s crypto regulator VARA.
He also noted the project’s aim to become a hub for RWA products, particularly within the Cosmos (ATOM) ecosystem.
OM surge didn’t last long
According to CoinGecko data, OM saw a 14% gain due to the news flow, climbing from $0.821 to $0.934.
However, this surge was short-lived, and a significant drop specific to OM was observed due to the negative sentiment in the crypto market. After climbing to $0.934, the price quickly plummeted, losing 27% of its value and dropping to $0.679.
