Layer 1 blockchain MANTRA, which focuses on Real-World Assets (RWA), has announced the completion of a new funding round. Shorooq Partners, a prominent investor in venture and technology within the MENA region, led the $11 million investment initiative.
The funding round also witnessed the participation of a group of strategic investors, including Three Point Capital, Forte Securities, Virtuzone, Hex Trust, GameFi Ventures, and others.
MANTRA’s Funding Boost
According to the press release shared with CryptoPotato, the latest capital injection is expected to boost MANTRA’s objective of facilitating scalable RWA tokenization and will be allocated towards certain goals.
This includes setting up regulatory-compliant infrastructure adhering to global standards, providing developers with the necessary tools to develop RWA-centric protocols on the MANTRA Chain, and expanding the tokenization of real-world assets while highlighting market opportunities in the MENA and Asia regions.
The team behind the Layer 1 blockchain also reveals plans to increase investment accessibility in the Middle East and Asia by doubling down on market liquidity and promoting growth. This move essentially aims to stimulate economic activity and development in these regions, which have historically encountered obstacles in accessing financial markets.
Streamlining asset transactions will open up new investment channels, foster entrepreneurship, and attract global investors, which, according to MANTRA, aligns with the regions’ aspirations to lead in financial innovation, thereby driving economic growth.
Commenting on the development, MANTRA’s CEO, John Patrick Mullin, said,
“This funding not only accelerates our vision of bringing the world’s financial ecosystem on-chain but also solidifies our commitment to the Hong Kong and Middle Eastern markets, where our physical offices in Hong Kong and Dubai stand as beacons of innovation. We’re crafting an infrastructure designed for builders, institutions, enterprises, and users keen on exploring RWAs.”
RWA Tokenization Growth
Despite initial skepticism from critics regarding the tokenized real-world asset (RWA) market, the sector has experienced significant growth in the past year.
According to research carried out by the Boston Consulting Group, tokenized assets are forecasted to reach a market worth $16 trillion by 2030. This anticipated expansion would entail the tokenization of assets amounting to approximately 10% of the global GDP by the decade.
Earlier this year, blockchain firm Ripple partnered with the Axelar Foundation to boost interoperability within the XRP Ledger (XRPL) blockchain, primarily geared towards focusing on the RWAs tokenization into its next phase of growth.
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