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The collapse of the OM token’s price is another shocking story of a dubious venture in the crypto sphere. Mantra, the cryptocurrency born from the alleged blockchain technology behind ‘tokenizing’ world assets, has dropped over 90 percent of its value within a few hours.
The price of OM, the token for Mantra, a cryptocurrency startup focused on “tokenizing” the world’s assets, crashed more than 90 percent in a few hours.
The cryptocurrency startup, which is known for its cryptocurrency, dropped almost all of its value, with $5 billion wiped off in a day.
The startup’s token had plunged from a high of around $6 in the morning hours to below $0.6 by the afternoon. It is the cryptocurrency startup’s own platform that showed the token at $5.9 at around 6 am ET.
The startup’s token prices plummeted visibly at around 9 am ET, quickly dropping to $2. Then, at around 12 pm ET, the startup’s own platform showed its token at $0.57.
A portion of a $1 billion deal between DAMAC and Mantra includes tokenizing their data centers, real estate, and other physical asset conglomerates on the startup’s blockchain.
The startup’s blockchain is a type of distributed ledger technology, similar to the technology underpinning Bitcoin (BTC).
Meanwhile, VARA (Dubai’s Virtual Assets Regulatory Authority) has issued a certificate to Mantra to operate as a virtual asset service provider, according to a statement published on Thursday.
This follows the startup’s application for registration with VARA earlier this year.
The startup is allowed to provide digital asset services within the UAE, which includes managing crypto exchanges, brokers, traders, consultants, and investment services in the region.
“We are pleased to welcome Mantra to the VARA regulatory framework,” said Majid Al Suhail, CEO of VARA.
“This follows a comprehensive application process that ensures Mantra meets the stringent regulatory standards for operating a virtual asset service provider in Dubai.”
Al Suhail added that he hopes to see more international companies apply for registration with VARA in the future.
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