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Mantra, a Hong Kong-based blockchain platform offering tokenization of real-world assets (RWA), is owned by Shorooq Partners, a UAE-based early-stage venture capital (VC) firm that invests in startups. Raised USD 11 million in a funding round led by the company. Across MENA and Asia.
Three Point Capital, a US-based venture capital and private equity firm, also participated in the round. Forte Securities is a UK-based independent global financial group providing brokerage, custody and asset management services. Virtuzone is a UAE-based provider of company formation solutions, corporate services and tax consulting. Hex Trust is a Hong Kong-based digital asset management company providing solutions for protocols, foundations, financial institutions, and the Web3.0 ecosystem. GameFi Ventures is a Hong Kong-based VC firm focused on blockchain gaming. Caladan is a technology-driven trading group based in Singapore that trades crypto assets. Token Bay Capital is a Hong Kong-based venture fund that invests in Web3.0 and cryptocurrency startups. BlackPine, a private investment company based in Hong Kong. Mapleblock is a technology-focused blockchain company based in India. Hughes Capital is a Brazil-based investment firm focused on alternative assets.
Launched as a Layer 1 blockchain platform, the basic blockchain architecture needed to build blockchain networks, Mantra was built with a mission to enable RWA tokenization on a global scale. For the uninitiated, RWA tokens simply refer to digital tokens on the blockchain that are linked to or represent tangible assets such as real estate, precious metals, merchandise, art, collectibles, and more.
With this, Mantra hopes to create more easily accessible investment opportunities, especially in the Middle East and Asia. “One of the things we have focused on as we built Mantra over the years is the fact that it is an on-chain self-custodial application,” said John, co-founder and CEO of Mantra. says Patrick Mullin. “This means you have complete control over your assets and can manage them yourself. This does come with risks. How private keys are handled, how smart contracts are handled, how wallet addresses are handled can be confusing. So we’ve been doing a lot of work to try and remove a lot of these complexities, and we’re trying to make it easier for users to be more centralized when transacting on-chain. We continue to focus on creating an experience, an on-chain experience that mirrors the Web 2.0 user experience.”
Mantra therefore promises a tangible, secure and stable blockchain platform that will simplify the process of buying and selling assets, further create new investment avenues, promote entrepreneurship and attract global investors. We aim to attract. However, as is often the case with new or new investment opportunities, there may still be skeptics in the region towards RWA tokens. To them, Marin shares some words of assurance. “Part of the benefit of trading on-chain is obviously being able to configure different products within the ecosystem and across platforms on-chain while still maintaining control and custody of your assets. situation like this [the Bahamas-based cryptocurrency exchange which went through a financial collapse in November 2022] “What’s happening again is that the exchange is actually in control of your wealth assets,” he says, “and of course we’re also on-chain, so we encourage user participation and We can also introduce other things, such as unique token incentives that favor upside and increased profits.” Opportunities to earn more. ”
Related: UAE Crypto Powerhouse: Munaf Ali, Co-Founder and Group Managing Director, Phoenix Group
It is precisely because of the wide range of benefits Mantra has built into its model that it was recognized by UAE-based technology investor Shorooq Partners. “At Shorooq Partners, we have been a leading fintech investor in the region since 2017, starting with investments in Sarwa, Lendo, Lean, Tamara and others. One of those is RWA, which is a thesis that Mantra is focused on,” said Shane Shin, founding partner at Shorooq Partners. “As a leading VC, our job is to identify the next disruptive trends that will impact our daily lives. We believe that we are leading the wave and that Mantra has a unique value proposition by focusing on both markets/regions and bridging the corridor between the Middle East and Asia.”
Shin added that Shorooq Partners’ investment in Mantra could indeed serve as a template for other technology entrepreneurs within and outside the UAE seeking funding. “First, think carefully about whether you want to raise money from institutional investors in the first place. Not all businesses and operations are suitable for or need VC investment. Growing without VC funding That’s perfectly fine,” he advises. “If you decide to go down the VC funding route, at Shorooq Partners it is important to us that founders are involved in their own journey and their It means that they take seriously the problems they solve as a mission. We support them.” Founders who treat their companies as a mission. [there’s the question of] Whether the company can grow into a large company. As a founder partner, we want to help founders scale across countries, markets, and regions, and we’re looking to see if we can partner with founders who can do this. ”
Singh then said that the RWA tokenization move is a move that could bring positive changes within the region’s fintech ecosystem, and certainly in the UAE where the government is constantly encouraging innovation within fintech. He emphasized that this is a welcome move. “RWA theory is still in its infancy, and with the growth of companies like Mantra, this will set a new precedent for integrating Web3.0/blockchain startups into Web2.0/traditional industries. ” said Shin. “At the end of the day, our role as a venture capital firm is to support companies that are disrupting the current way of doing things, while leaving a positive impact and impact on the development of the ecosystem. of fintech investments, and we believe that fintech is one of the fundamental drivers driving our region forward. ”
Indeed, this vision of the future forms the core of the legacy that the Marin and Mantra teams hope to create. “When it comes to the impact and legacy we want to create within the broader fintech ecosystem in the UAE, we clearly have very big ambitions and hope to be one of the region’s leading investors. is why they decided to support and support us,” Marin says. “We truly believe in the mission of bringing the financial ecosystem on-chain, and believe that asset tokenization, done in a secure, compliant, and easily accessible manner, is the way forward. This influx of new capital will help us really solidify our position as one of the financial ecosystem’s major players in the region. ”
In fact, with the new funding in hand, Marin is now building a regulatory compliant infrastructure that adheres to global standards and equipping developers with the tools necessary to create an RWA-focused protocol on top of Mantra Chain. We would like to allocate funding to three strategies: He will expand RWA tokenization while exploring market opportunities in MENA and Asia. “The two key things we want to accomplish this year are actually deploying the chain into mainnet production, which we expect to happen by the end of this year, or roughly late Q3 or early Q4. “And, of course, we’re enhancing our licensing capabilities,” Marin elaborates. “We are in the final stages of applying for various licenses and we hope to complete them as soon as possible.Obviously this requires manpower and we are actively hiring. We look forward to bringing on top Tier 1 talent to support us.” Our vision for bringing the financial ecosystem on-chain We’re doing a lot of work on how we can actually create interesting RWA use cases for tokenizing. These may include ecosystem funds, grant programs, direct incubation, etc. ”
One of Mantra’s products that is already implementing some of the above targets is Hongbai (its name is a portmanteau of Hong Kong and Dubai), Mantra Chain’s incentivized testnet. “Hongbai is the next phase of Mantra Chain’s testnet,” Marin reveals. “We have conducted Phase 1, which is essentially testing the stability and infrastructure of the chain. Tokenization of assets, we’re going to offer a lot of different gamified experiences for people to earn rewards, and that’s why it’s an incentivized testnet. So the more you participate, the more you’ll be able to support the ecosystem. We’re obviously raising money to help develop this testnet ecosystem, and we’re going to have a lot more support for both Web2.0 and Web3.0. We have a number of developers, projects, and users. We look forward to participating in the testnet, but this is just a stepping stone to launching the mainnet later this year.”
Related: “We’ve raised money!” UAE-based GameCentric raises US$1.5 million in angel investment to triple its regional user base
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