Outside Source
MANTRA has entered a $1 billion partnership with Dubai-based DAMAC Group.
The agreement aims to enhance transparency and accessibility through blockchain technology across DAMAC’s varied portfolio, which includes real estate, hospitality, and data centers, according to a press release seen by crypto.news.
As part of the partnership, DAMAC’s assets will be tokenized and made available exclusively on the MANTRA (OM) Chain by early 2025. Through this collaboration, the group will offer token-based financing for assets valued at a minimum of $1 billion.
“This partnership with DAMAC Group is an endorsement for the RWA industry,” said MANTRA CEO John Patrick Mullin. “We’re thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain.”
In November 2024, MANTRA and United Arab Emirates-based tokenization platform Libre Capital partnered up in a similar deal regarding tokenized real-world assets.
Tokenization can change real estate
Tokenization involves transforming an asset into digital tokens on a blockchain. When applied to real estate, this method could revolutionize property buying, selling, and financing.
By tokenizing assets, the companies aim to open up access to investment opportunities in the Middle East and beyond.
In July 2022, DAMAC Properties announced its initiative to support the digital economy by accepting cryptocurrency payments for property sales in Bitcoin (BTC) and Ethereum (ETH).
The partnership follows the October 2023 launch of the MANTRA Chain Mainnet, marking a significant step in bridging blockchain technology and traditional finance.
This article first appeared at crypto.news
