MANTRA, a well-known entity in the MENA region, has taken a significant step forward in the tokenization of RWAs. The platform has recently signed a memorandum of understanding with Zand Bank, a licensed entity under the Central Bank of the United Arab Emirates. This strategic move aims to simplify the process of tokenizing real-world assets.
MANTRA and Zand Bank Team Up to Facilitate RWA Tokenization
This collaboration is expected to establish a strong regulatory framework in line with the Virtual Asset Regulatory Authority of Dubai. MANTRA’s L1 blockchain, with a focus on RWAs, is set to streamline the tokenization process by addressing asset distribution, listing, and identification.
Furthermore, the partnership will focus on creating guidelines to support the distribution of RWAs, ensuring compliance with regulatory standards and investor protection. The goal is to build trust, confidence, and widespread adoption of real-world assets tokenization in the UAE. John Patrick Mullin, CEO of MANTRA, expressed optimism about the partnership’s potential impact on the exchange and custody of RWAs.
Initiative Promises Increased Transparency, Security, and Accessibility for Users, Executives Say
The agreement between MANTRA and Zand Bank underscores their leadership in the digital finance sector in the Middle East. By enhancing the role of real-world assets in retail banking services, the initiative aims to set market standards for tokenization processes.
Zand Bank’s CEO, Michael Chan, highlighted the platform’s excitement to leverage MANTRA’s blockchain, specifically designed for real-world assets. The blockchain technology is expected to revolutionize the management of ownership and transactions of RWAs, offering transparency and efficiency.
Chan emphasized that the partnership signifies a significant milestone for the company, merging financial investments with blockchain technology. This integration will empower consumers with greater control over their investments, improved transparency, and enhanced security measures.
