MANTRA Chain, a planned network for exchanging tokenized real estate and other assets, has raised $11 million, demonstrating that the influx of investor funds into the “real world assets” space in cryptocurrency is showing no signs of abating.
Founder John Patrick Mullin of the Middle East-focused project MANTRA told CoinDesk that the initiative is nearing the end of obtaining licences from Dubai’s cryptocurrency regulator VARA. In order to develop and host a portfolio of compliance-focused tools for issuing and trading RWAs, MANTRA will need these approvals.
1/ Shaping the future of #RWA Tokenization across Asia and the MENA region, 𝘄𝗲’𝘃𝗲 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹𝗹𝘆 𝗿𝗮𝗶𝘀𝗲𝗱 $𝟭𝟭𝗠 led by @ShorooqPartners, a prominent venture and technology investor in the MENA regionhttps://t.co/wxOjTouDQU pic.twitter.com/QhyuDzAlfE
— MANTRA ✈️ DAS London (@MANTRA_Chain) March 19, 2024
Many businesses in the cryptocurrency space and beyond are placing bets that by the end of the decade, RWAs will command multi-billion dollar revenues. For this to occur, a large portion of trading in “traditional” asset classes that are widely favoured by investors (stocks, real estate, and possibly even artwork) will need to migrate to blockchains. Not yet, that is.
However, initiatives like MANTRA have amassed financial resources to seize control of this market before it expands. Determining who is eligible to engage in RWA trading and whether it should be more controlled or more free-form, similar to meme coin trading, is one aspect of that.
Mullin gave CoinDesk a description of a more “permissioned” or restricted environment. “You do have to go through an on-boarding process to get into this walled garden,” Mullin stated. “But once you’re in, you’re in.”
According to a news statement, MANTRA’s funding round was led by early-stage tech backer Shorooq Partners and includes participation from Three Point Capital, Forte Securities, Virtuzone, Hex Trust, and GameFi Ventures. Mullin stated that he intends to shortly start another roadshow to raise money.
Since MANTRA’s network isn’t operational yet, RWAs cannot yet be issued or traded. However, it is intended for Cosmos, a network of autonomous but interconnected blockchains. MANTRA’s docs state that as of right now, Cosmos lacks a designated “app-chain” for trading tokenized RWAs.
Mullin stated that after going live, MANTRA will target the “crypto native” market, or those who are already acquainted with cryptocurrencies, decentralised exchanges, on-chain lending and borrowing, and other related concepts.
Mullin admitted that he had to rethink his previous cryptocurrency business ideas in light of the several industry collapses in 2022, but he acknowledged the difficulties in creating a long-lasting product for RWAs—a market that, despite high expectations, has not yet taken off.
check out there Twitter and website :-
