Mantra blockchain team tokenizes $500 million worth of real estate in Dubai

The Mantra blockchain ecosystem launched in 2020 and is founded and led by John Patrick Mullin and Jayant Ramanand. The project is focused on the Middle East and working with real-world tokenized assets (RWAs).

In March this year, the company raised $11 million to develop this line of business, it is also in the final stages of obtaining a license from the Dubai Virtual Asset Regulatory Authority (VARA).

Partners and participants of the Mantra ecosystem include cryptocastodian Hex Trust, decentralized oracle network Chainlink with native token LINK, cryptocurrency Trust Wallet with token TWT, USDY stablecoin issuer Ondo Finance and many others.

For traders, Mantra offers a custodial trading platform with the ability to make money in liquidity pools. Institutions have access to RWA tokenization services and a decentralized identity (DID) system with regulatory compliance.

OM is a utility token that can be blockchain stacked for rewards and used in project management votes and benefits from airdrops.

The asset ranks 125th in the cryptocurrency rankings with a capitalization of $602 million and trades at $0.7276, having lost 11.5% overnight. The weekly drop was 0.5%, with the asset up 1,150% since the beginning of the year.