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Mantra Raises $11M for Middle East Tokenization Project
Mantra raises $11M for its real-world tokenization projects focused on the Middle East. This funding will be used to tokenize assets in multiple stages, starting with a luxury residential project in Dubai.
Tokenizing Real-World Assets
In March, Mantra secured $11 million to advance its tokenization efforts in the Middle East. The first tranche will focus on a residential project, Keturah Reserve, being developed by MAG in Meydan, Dubai. Additionally, this tranche will include a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside,’ part of the Keturah Resort.
Yield Earnings for Investors
Investors in these projects will earn yields through stablecoins and Mantra's OM token. Expected returns are around 8% from stablecoins, along with additional OM tokens. The exact details, including the specific stablecoin and the amount of OM tokens, are still under discussion between MAG and Mantra, with final decisions anticipated soon.
Current OM Token Performance
At the time of writing, OM is trading at 84 cents, having previously reached an all-time high of over a dollar in June, according to CoinMarketCap. This highlights the potential value growth for investors involved in Mantra's projects.
Tokenization and Market Adoption
Crypto firms are increasingly pushing for the tokenization of real-world assets (RWA) as a practical application of blockchain technology. While traditional industries show some support, widespread adoption will take time. McKinsey predicts that the market for tokenized assets could reach $4 trillion by 2030 in an optimistic scenario, though they caution that mass adoption is still distant.
Conclusion
Mantra raises $11M to spearhead tokenization in the Middle East, starting with high-value real estate in Dubai. As the company finalizes details with MAG and navigates regulatory requirements, it aims to set a precedent for future tokenization projects.
