The Hong Kong-based Mantra, a provider of Decentralized Finance (DeFi) products, has partnered with Virtuzone, the Dubai-based company formation specialists, to launch an incubation programme at the Dubai World Trade Centre (DWTC), following a $11 million funding round led by UAE venture capital firm, Shorooq Partners.

The programme will “nurture and develop emerging projects” in the Real World Asset (RWA) tokenization sector, a company release said. The tokenization of assets refers to converting the ownership rights to a portion of these RWAs into digital tokens on a blockchain.

Mantra will provide the startups with financial support for development, infrastructure costs, licensing, banking, and administrative services. Five projects will have the chance to join the incubator programme, receiving support to integrate into the Mantra Chain ecosystem, the release added. Each chosen project will also receive a seed investment of $100,000.

John Patrick Mullin, CEO and Co-Founder of Mantra, said: “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.”

(Writing by Bindu Rai, editing by Daniel Luiz)