Layer-1 MANTRA Raises $11 Million Led by Shorooq Partners
In a move to enhance its capabilities and expand its reach, MANTRA, a layer-1 blockchain platform specializing in real-world asset tokenization, has successfully raised an $11 million investment round.
This round was led by Shorooq Partners, a venture and technology firm based in the MENA region. Alongside Shorooq Partners, notable participants in the fundraising include Three Point Capital, Forte Securities, Virtuzone, Hex Trust, and GameFi Ventures.
Shane Shin, Founding Partner of lead investor Shorooq Partners, commented: "MANTRA stood out to us with its pioneering approach to RWA tokenization and commitment to compliance. Their strategic focus on key markets such as Hong Kong and Dubai aligns with our vision of financial innovation and integration."
Mantra's New $11 Million Fund
The primary focus of this funding round is to facilitate the development of regulatory-compliant infrastructure on the MANTRA Chain. This infrastructure aims to empower developers to build protocols specifically designed for encoding real-world assets (RWAs).
Additionally, MANTRA plans to use these funds to further efforts in expanding the tokenization of real-world assets while targeting investment opportunities in both the MENA and Asia regions.
John Patrick Mullin, CEO of MANTRA, expressed enthusiasm for this funding, stating: "This funding not only advances our vision to bring the global financial ecosystem onto chain but also reinforces our commitment to the Hong Kong and Middle Eastern markets." Mullin emphasized the company's dedication to promoting suitable infrastructure for builders, organizations, enterprises, and users interested in exploring RWAs.
Tokenized RWAs
One of MANTRA's core objectives is to accelerate the adoption of tokenized RWAs, particularly by institutional investors. The platform provides a compliance framework to facilitate the creation and trading of RWAs, enabling organizations to leverage opportunities presented by blockchain technology.
This recent announcement closely follows the launch of MANTRA Chain's incentivized testnet, named Hongbai. The name Hongbai symbolizes the convergence of Hong Kong and Dubai, highlighting these two financial hubs as potential catalysts for blockchain adoption in the MENA and Asia regions.
Web3 and MENA
Shane Shin, Founding Partner of lead investor Shorooq Partners, highlighted MANTRA's pioneering approach to RWA tokens and its adherence to regulations. Shin underscored the strategic importance of MANTRA's focus on key markets such as Hong Kong and Dubai, aligning with Shorooq Partners' vision of financial innovation and integration.
According to Shin, this investment signifies more than just technological advancement; it represents an investment in a future where digital and traditional assets converge seamlessly. This strategic investment reflects growing confidence in Web3 and its potential to reshape the landscape of real-world asset tokenization.
