UAE tokenization issuance platform Libre Capital and Mantra offer institutional investors access to onchain funds

UAE tokenization issuance platform Libre Capital and Mantra offer institutional investors access to onchain funds

MANTRA, a layer 1 blockchain purpose-built for tokenized real-world assets (RWAs) has partnered with Libre Capital, a UAE-headquartered financial instruments tokenization and issuance platform, to provide investors with onchain access to a diverse range of attractive investment funds.

As per the press release the partnership will provide those MANTRA users that are institutional or accredited investors with investment opportunities across a number of notable onchain funds, including leading hedge funds, private credit funds and money market funds.

By leveraging Libre’s capabilities and MANTRA’s robust ecosystem, the partnership will facilitate the issuance of a tokenized Money Market Fund, and expand investment horizons for institutional and accredited investors seeking to diversify their portfolios within the digital asset landscape. The initiative underscores MANTRA’s commitment to leading the development of a comprehensive and diverse digital asset infrastructure, and strengthens MANTRA’s position in the growing digital asset spectrum within the financial services industry.

Libre operates backbone infrastructure that allows investors to access tokenized versions of real world assets such as money market funds, private credit and hedge funds and other alternative asset products on public blockchains. Libre does this through the on-chain Libre Gateway DeFi dApps (decentralized applications) deployed on each public chain. This enables accredited, professional and institutional investors to directly access top-tier funds on MANTRA Chain in a fully compliant manner.

“We’re honored to be partnering with Libre to give users access to this caliber of funds, ” said MANTRA Co-Founder and CEO John Patrick Mullin, “with the addition of protocols like the Libre Gateway, MANTRA can better equip users with a best-in-class collection of tools to continue to grow the real-world asset economy.”

“The launch of the Libre Gateway on MANTRA Chain is a huge step forward to enable access to wealth and treasury management tools for users on MANTRA, and for Libre to take advantage of MANTRA’s RWA-specific infrastructure,” said Dr. Avtar Sehra, CEO and founder of Libre.

Rain crypto exchange issues statement with regards to lost funds

Rain crypto exchange issues statement with regards to lost funds

In a blog post, RAIN Crypto exchange regulated in both Bahrain and the UAE issued a statement replying to the report by ZachXBT that the exchange had likely been exploited for $14.8 million, addressing the security incident involving the exchange. They noted ” We would like our customers to know that the situation has been resolved. We assure you that we have already taken all the necessary steps to address this matter to protect customer funds.”

The crypto exchange was replying to the news circulating that “It appeared the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

RAIN added, “Customers’ funds are under custody, fully accounted for, and held on a 1:1 basis. This means that all your fiat currency and crypto assets are held with the highest standards of security and regulatory compliance. Rain Management W.L.L is licensed and regulated by the Central Bank of Bahrain and Rain Trading Limited is regulated by the ADGM Financial Services Regulatory Authority, which means we maintain a 1:1 asset-to-funds ratio in line with regulatory requirements.”

The blog noted that as soon as RAIN became aware of the incident it isolated the issue and put additional controls to strengthen their security.”

Moreover RAIN confirmed that it had “covered any potential losses resulting from this incident, ensuring that customers’ interests remain protected.”

RAIN also stated that there operations are uninterrupted including crypto buy and sell, send, receive, along with fiat deposits, and withdrawals.

In conclusion RAIN commented, “We are committed to upholding the highest standards of security and regulatory compliance. In response to the incident, we have taken immediate steps to further strengthen the security of our platform. We are also fully cooperating with the relevant legal and regulatory authorities and specialist advisors to ensure that this issue is handled appropriately.”