Mantra signs $1 billion deal with DAMAC Group to launch tokenized assets

The team behind Mantra, the Layer 1 blockchain for real-world assets, has signed a billion-dollar deal with DAMAC Group, an investment conglomerate, to increase asset accessibility tokenized in the Middle East.

Users can tokenize DAMAC group assets starting in early 2025 using the Mantra blockchain.

Next level tokenization

DAMAC Group is a multibillion-dollar business conglomerate whose tentacles are in various endeavors including high-end fashion, data centers, capital markets, restaurants, hotels and resorts, and manufacturing. Although headquartered in the United Arab Emirates (UAE), the group has offices in North America, Africa, Asia and Europe.

Exploring real-world asset tokenization implies that the conglomerate is interested in adding additional utility to its ecosystem products. The latest deal will also introduce token-based financing that includes various assets within the group’s portfolio.

Echoing the group’s optimism about the partnership, one of the DAMAC Group executives stated that selecting Mantra is “a natural extension of our commitment to innovation and forward-thinking solutions.” The executive added that “tokenizing our assets will provide investors with a safe, transparent and convenient way to access a wide range of investment opportunities.”

Mantra CEO John Patrick Mullin also commented on the latest collaboration, stating:

“This partnership with the DAMAC Group is an endorsement for the RWA industry. We are delighted to partner with such a prestigious group of leaders who share our ambitions and see the incredible opportunities to bring traditional chain financing opportunities” .

Mantra expands the ecosystem

Since its debut on the mainnet in October 2024, Mantra has collaborated with various platforms inside and outside the crypto industry to increase its adoption. Google Cloud, Chainlink, Anchorage Digital and Hex Trust are among them.

Interestingly, these milestones have propelled Mantra’s native token, $OM, to new heights. At the time of writing, the token is currently trading near $4, despite the broader market’s decline in recent days. OM is now the 42nd largest cryptocurrency by market cap as the metric surpasses $3.7 billion.

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