MANTRA has entered a $1 billion partnership with Dubai-based DAMAC Group.
The deal is designed to boost openness and ease of use via blockchain solutions across DAMAC’s diverse collection of properties that encompass real estate, hotels, and data centers, as indicated in a statement reviewed by crypto.news.
In this partnership, DAMAC’s assets are set to be transformed into digital tokens and listed solely on the MANTRA (OM) Chain by around 2025’s early stages. This alliance aims to provide financial instruments based on tokens for properties worth at least a billion dollars.
John Patrick Mullin, CEO of MANTRA, expressed that their partnership with DAMAC Group serves as a validation for the Real World Assets (RWA) industry. He’s excited about collaborating with such distinguished leaders who align with their aspirations and recognize the immense potential of moving conventional financing onto blockchain technology.
In November 2024, MANTRA teamed up with Libre Capital, a tokenization platform based in the United Arab Emirates, for a collaboration focused on tokenizing real-world assets.
Tokenization can change real estate
Transforming assets into digital units on a blockchain through a process called tokenization has the potential to significantly change how properties are bought, sold, and financed. This innovative technique could reshape the entire real estate market.
Through the process of tokenization, these companies strive to widen the avenues for investment in opportunities across the Middle East and beyond.
Starting from July 2022, DAMAC Properties revealed their plan to boost the digital economy by allowing customers to make property purchases using popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) as payment methods.
After the unveiling of the MANTRA Chain Mainnet in October 2023, this collaboration signifies a substantial advancement in integrating blockchain technology with conventional finance systems.
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2025-01-09 17:04