John Patrick Mullin is the CEO and co-founder of MANTRA, a Layer 1 blockchain designed to tokenize real-world assets (RWAs), and SOMA.finance, a fully compliant multi-asset DEX and issuance platform. ^[1]

Education

Mullin earned his Bachelor of Science in Business Administration and International Business from the John Cook School of Business at Saint Louis University in 2014. He later graduated from Tongji University and EBS Universitat fur Wirtschaft und Recht with a Master’s in Technology Economics and Management and a Master’s of Science in Management in 2016. ^[2]

Career

After earning his Master’s, Mullin started his career as a research associate at Guotai Junan, a financial services provider in China. He later became an associate and senior buy-side research analyst until January 2018. While at Guotai Junan, he also worked as a contributing writer for LinkedIn China and Cointelegraph, a mentor for Startupbootcamp, and an external collaborator for the Institute of Life (IOL). ^[3]

In January 2018, Mullin became regional director for FinTech Connector (FTC), an online community that connects FinTech entrepreneurs and start-ups with leaders and experts in financial services. He was also a community partner for FTC in Shanghai until June 2021. From May 2018, he served as a mentor for LONGHASH, Entrepreneur First, and she256. In September 2018, Mullin joined HKUST Business School as a guest lecturer and later held the same position at Tongji University. ^[3]

Mullin became a founding partner of CLUB DAO, a private members club founded in Hong Kong by crypto founders and enthusiasts, in August 2021. He also joined Outlier Ventures as a mentor for their DeFi Basecamp and became a strategic advisor for HeliSwap, a DEX and DAO in the Hedera ecosystem. Later, Mullin co-founded MANTRA, where he currently serves as CEO, in May 2020 and became a founding association member in May 2023. ^[3]

Interviews

Finance Background

In March 2022, Globe Official interviewed Mullin about his finance background and time at Guotai Junan. At the start of the interview, Mullin shared how he got started in traditional finance: ^[4]

“I was kind of following a more traditional path, although I had been exposed to Bitcoin early. I bought my first Bitcoin in 2012 or 2011, back in college. At that time, I was still on a more traditional path, trying to work in investment banking. I ended up working at a Chinese securities house called Guotai Junan Securities, one of China’s largest state-owned investment banks. I was one of the first foreigners, or "laowai" as they say here in Hong Kong, to work at that company.”

“They decided to focus on creating a globally focused research department that covered various emerging technologies outlined in the five-year plan at that time. This included blockchain and cryptocurrencies, machine learning, automation, and other emerging technologies. Because I had already been interested in these areas on a personal level for years, I quickly realized that my opportunity within the firm would not be as a relationship banker, M&A specialist, or quantitative analyst since I lacked the necessary skills, such as Chinese language proficiency. The one thing I could do was become a subject matter expert. I used this to my advantage and positioned myself as the blockchain and crypto expert. I started doing research on these technologies for the firm, writing reports, and sharing them with senior management and upper levels of the firm to educate them about these emerging technologies.”

He then shared how he started working in crypto and how he met his co-founders, Rodrigo Quan Miranda and Will Corkin: ^[4]

“Part of the broader research focus involved organizing meetups for general fintech companies, inviting founders to share their experiences. I hosted events, often involving drinks and networking, and I was among the first to do this in English in Shanghai, where I was living. Around 2016 to 2018, during the first big public wave of crypto, I organized many crypto meetups. This led to my involvement with some companies, and I eventually quit my job to work full-time at a crypto company I was helping. I moved to Hong Kong, where we grew the business, marking my first venture into entrepreneurship.”

“That venture blew up spectacularly, but I learned a lot from the experience and met many of my current business partners through it. After that, we were figuring out what to do next. I worked with several of my current partners on obtaining a special license, which I'll discuss later when we talk about Soma. This effort faced its own challenges, as COVID-19 hit just as we were about to have a big breakthrough. As a struggling entrepreneur, I navigated this period until we launched, and a year and a half later, we've grown from three people to over 50 globally. It's been quite a whirlwind journey.”

When asked about what he learned from working in China, Mullin responded: ^[4]

“To be honest, one of the things that really sticks with me is the importance of relationships, known in Chinese as "guanxi," and how they significantly impact your business network and life. Many of the people we hire, the deals we secure, and the investments we make stem from the network I've built. It's a powerful tool, encapsulated by the phrase "your network is your net worth," which I definitely believe in. This was a major takeaway for me.”

“Another takeaway was developing self-belief during that time, which gave me the confidence to try new things. It's not about being cocky; it's about having the mindset to take risks and attempt things, even if success isn't guaranteed. Despite experiencing failures, this approach has enabled me to accomplish much in life. Many people might have the ability, and perhaps even better skills, but they lack the willingness to take risks.”

He later explained what MANTRA was: ^[4]

“When we started, it was essentially an interoperable DeFi protocol designed to support various financial applications, primarily focused on retail consumers. The goal was to allow individuals to feel at home and at ease with their personal wealth and finances. The key fundamental elements included cross-chain DeFi capabilities, which is still under development, and a non-custodial platform. Unlike custodial platforms like banks, everything is executed through smart contracts in a non-custodial manner. Additionally, it was essential for users to have full control over how the platform operates. Whether that's all come to fruition is a different story. Developing and building startups is hard, and we've had changes to our business and how we operate. However, the core elements are still there. We've created a complex system with various components that have developed as we've grown the platform and the business. Now, we are focused on having a multi-chain DeFi ecosystem.”

About MANTRA

In November 2023, The Resilient Podcast interviewed Mullin to discuss his journey from international education to early immersion in cryptocurrency. As CEO, he focused on developing Web3 protocols and applications for global finance. Mullin reflected on the entrepreneurial challenges in blockchain, emphasizing regulatory navigation and the value of asset self-custody. He also shared personal insights into managing professional pressures alongside mental health priorities, highlighting strategies like coaching and fitness for resilience. ^[5]

RWA Tokenization

On The Crypto Conversation Podcast, Mullin discussed MANTRA's goal of creating an ecosystem for tokenization. At the start of the interview, he shared MANTRA’s vision statement: ^[6]

“Mantra is a layer one blockchain utilizing the Cosmos SDK, focusing on asset tokenization and RWAs. Embracing the app chain thesis, we develop both the protocol and application layers with the goal of bringing the financial EOS system onto the blockchain. What does that mean? I’ll give an example. We want to basically make it a one-click experience where users can easily transact across both on-chain and off-chain worlds directly from their wallets, phones, or desktops. Whether dealing with cryptocurrencies, fiat money, securities, real estate, or other investment products, our goal is to make all these accessible anytime, anywhere, living on-chain 24/7. We see on-chain as the future of online, and our mission is to play a significant role in realizing this vision, leveraging Cosmos technology.”

When asked about his views on tokenization and RWAs, he responded: ^[6]

“I often mention that we've been involved in tokenizing real-world assets (RWA) long before they were termed RWAs. Personally, I prefer not to use the term "RWA" because in financial terms, it stands for risk-weighted asset. For us, tokenization is a broader thesis—it's about the potential to tokenize almost anything. However, not everything should be tokenized; it's crucial to navigate the real-world complexities involved. Today, creating tokens is technically straightforward, but integrating them with real-world systems, regulatory bodies, banks, and obtaining necessary licenses are the real challenges. In DeFi, you can fork code, but you can't replicate licenses—this process requires extensive time, resources, and ongoing engagement with regulators to address their concerns effectively.”

“I find these challenges both daunting and ultimately fulfilling. They keep the job dynamic and engaging—whether navigating regulatory landscapes, tackling technical intricacies, or devising business strategies. The fast-paced nature of the market ensures there's always something new to address. It's encouraging to see figures like Sir Larry advocating for asset tokenization, legitimizing our work in the eyes of the broader financial community. This endorsement is pivotal as we aim to pioneer the on-chain transformation of financial assets, driven by real-world expertise and collaboration within our industry.”

At the end of the interview, Mullin shared his views on tokenization in 10 years: ^[6]

“I recently publicly predicted at DAS London a few weeks ago, alongside representatives from Avalanche City and BNY Mellon on my panel, that within two years, we would develop a product enabling seamless transitions between bank accounts, brokerages, and wallets with a single click. I stand by this prediction. Looking ahead 10 years, I envision a future where everything seamlessly operates on-chain, akin to today's web 2.0 experiences, where users won't distinguish which blockchain they're using or that they're interacting with a wallet—it will all be integrated into everyday financial interactions.”