Bittime - MANTRA announced the launch of its new incubator program at the Dubai World Trade Center (DWTC). This follows raising $11 million in fresh funding led by Shorooq Partners.
What is the MANTRA Incubator Program?
This program is a form of MANTRA's contribution to the Real World Asset (RWA) tokenization sector, with a focus on the MENA region (Middle East and North Africa).
In collaboration with Virtuzone, a leading enterprise services provider in the United Arab Emirates, the MANTRA Incubator program is designed to nurture and develop promising projects within the MANTRA ecosystem and RWA sector.
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MANTRA will provide financial support to startups for development, infrastructure costs, licensing, banking and administrative services.
Five projects selected through a rigorous selection process will have the opportunity to join the incubator program. They will receive comprehensive support to ensure successful integration into the MANTRA Chain ecosystem.
Each Project Receives Fund Support of US$ 100 Thousand
Each selected project will receive an initial investment of $100,000. The funds were allocated from the personal funds of MANTRA founder and CEO, John Patrick Mullin, who demonstrated his involvement and passion to make this program a success.
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In addition to grants, the program also includes dedicated assistance from experienced project managers to oversee progress and provide expert guidance. Participants also have the opportunity to build valuable connections and gain access to investor networks.
This will provide a strong foundation for their future growth and success in the MANTRA ecosystem.
The incubation journey will begin at MANTRA's Hong Kong office. There, the teams will undergo a one-month experience to immerse themselves in the dynamic world of technology.
The trip continues in San Francisco, offering another month of exposure to innovative practices and industry leaders. Ultimately, the teams will be based at the prestigious Dubai World Trade Center, providing a global platform for the project to demonstrate its potential.
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The incubation space is located in the Sheikh Rashid Tower at DWTC, located in the Maktabi business center covering an area of more than 15,500 square meters. This reflects Dubai's role as a hub for crypto innovation and is in line with MANTRA's goal of creating a dynamic startup ecosystem.
John Patrick Mullin, CEO and Co-Founder of MANTRA, emphasized the program's goals beyond providing a typical workspace.
"We are building a holistic platform for innovation in the web3 space, enabling promising companies to leverage the resources, network and enabling environment in one of the most dynamic crypto domains globally," said Mullin.
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Other figures also expressed their views about this program. Neil Petch, Chairman and Co-Founder of Virtuzone, sees tremendous growth potential for Web3 companies.
"As a forward-looking company, we aim to be at the forefront of this space and build the infrastructure necessary for Web3 startups to launch and grow.
"The UAE has a vision to have 10 unicorns (startups with a valuation above $1 billion) by 2030, and we aspire to work together with the government in realizing this vision," said Petch.
Likewise, George Hojeige, Group CEO of Virtuzone, stated that the collaboration with MANTRA and this pioneering incubator program reflects their commitment to creating a conducive environment for Web3 startups to grow, develop and scale exponentially.
"Our vision is to increasingly shift to a growth strategy driven by technology and innovation, and establish ourselves as a supporting pillar of Web3 and fintech development, not only in the country but also across the region," said Hojeige.
What is MANTRA?
MANTRA is a Blockchain Layer 1 RWA that prioritizes security. They are also able to comply with and enforce real-world regulatory requirements.
As a permissionless blockchain, MANTRA empowers developers and institutions to seamlessly participate in the growing RWA tokenization space by offering advanced technology modules, compliance mechanisms, and cross-chain interoperability.
Following the successful launch of its public testnet in November 2023, MANTRA has now launched Hongbai, the long-awaited next phase of its incentive testnet.
This incubation program is a key component of MANTRA's strategic plan to empower developers to create RWA-focused protocols on MANTRA Chain, further expanding its ecosystem.
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About Virtuzone
Virtuzone was founded in 2009 and has become a leading company formation specialist in the United Arab Emirates (UAE). They are also an award-winning corporate services provider.
Since its founding, Virtuzone has helped more than 70,000 entrepreneurs from 180 countries start their companies.
With the support of more than 200 staff speaking 40 languages, Virtuzone offers comprehensive services for company formation and corporate services.
This includes processing trade permits and visas, opening bank accounts, tax consulting, compliance, accounting, legal services and more.
Virtuzone is part of Virtugroup, a holding company based in Dubai. Virtugroup oversees several entities such as Virtuzone Accounting and Tax, VZ Real Estate, VZX, and Next Generation Equity.
The latter entity offers investment programs to obtain citizenship and residency.
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