MANTRA, in collaborative efforts with Virtuzone, has announced the launch of its new incubator program located in the Dubai World Trade Center. The incubator aims to innovate the real-world asset (RWA) tokenization sector, backed by Shorooq Partners’ $11 million investment.
The Incubator Program
The incubator program is set to support five meticulously hand-picked projects and give each a $100,000 seed investment, provided by John Patrick Mullin, MANTRA’s CEO. The investment into each of these projects will provide everything from strategic support to administrative and financial support — ready to integrate into the global MANTRA ecosystem.
The initial stages of the program are set to begin in San Francisco and Hong Kong, prior to the relocation to Dubai. This process ensures that the projects’ foundations are secured before capitalizing on Dubai’s strategic position — and all the advantages its location offers.
Dubai: The Crypto Hub for Innovation
The incubation space, spanning over 17,000 square feet in the Maktabi business center, is situated in the Sheikh Rashid Tower at the DWTC. The design of the space reflects Dubai’s stances towards crypto, functioning as a hub for crypto innovation as its primary goal.
Mullin commented on Dubai’s position as the cornerstone of MANTRA’s crypto innovative efforts, stating, “We’re building a holistic platform for innovation in the web3 space, enabling promising companies to leverage resources, networks, and a nurturing environment in one of the most vibrant crypto scenes globally.”
Neil Petch, the Chairman of Virtuzone, and George Hojeige, its CEO, both highlighted how the program aligns with the United Arab Emirates (UAE’s) goal — to develop 10 new ‘unicorns’ by 2030.
Both Petch and Hojeige’s comments on the incubator program’s “conducive environment for Web3 start-ups to grow,” and to its potential to become “a pillar of support for Web3” attest to the partnership’s commitment to succeed in reaching this goal.
Innovation Through Collaboration
MANTRA delivers an RWA Layer 1 (L1) security-first blockchain that facilitates regulatory compliance globally, all while ensuring the smooth process of cross-chain interoperability. Virtuzone, the largest provider of corporate services in the UAE with over 70,000 companies set up across 180 countries, lends MANTRA strong corporate roots for which to grow this Web3 initiative.
The incubator program functions as an extension of MANTRA’s future strategic play towards ecosystem expansion — after successfully launching its Hongbai incentivized testnet phase in November 2023.
Dedicated to the development of RWA-focused protocols on its L1 blockchain, MANTRA is set to continue the promotion of ever-adaptive compliance mechanisms and to drive further technological innovation in the blockchain sector.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
