MANTRA partners with DAMAC Group in $1b tokenized assets deal

MANTRA entered into a $1 billion partnership with Dubai-based DAMAC Group.

According to a press release seen by Crypto.news, the agreement aims to increase transparency and accessibility through blockchain technology across DAMAC’s diverse portfolio, which includes real estate, hospitality and data centers.

As part of the partnership, DAMAC’s assets will be tokenized in early 2025 and will be available exclusively on the MANTRA (OM) Chain. Through this collaboration, the group will offer token-based financing for assets worth a minimum of $1 billion.

“This partnership with DAMAC Group is a validation for the RWA industry,” said MANTRA CEO John Patrick Mullin. “We are excited to partner with such a prestigious group of leaders who share our goals and see the incredible opportunities of bringing traditional financing opportunities up-chain.”

In November 2024, MANTRA and United Arab Emirates-based tokenization platform Libre Capital partnered on a similar deal related to tokenized real-world assets.

Tokenization could transform real estate

Tokenization involves converting an asset into digital tokens on the blockchain. When applied to real estate, this method can revolutionize the buying, selling and financing of property.

By tokenizing assets, companies aim to provide 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 launch of MANTRA Chain Mainnet in October 2023 and marks a significant step in bridging blockchain technology and traditional finance.