MANTRA Chain Enters $1B Partnership With DAMAC Group to Tokenize Real-World Assets

The agreement aims to enhance transparency and accessibility through blockchain technology across DAMAC's varied portfolio.

Cryptocurrency firm MANTRA has announced a $1 billion partnership with Dubai-based DAMAC Group to enhance transparency and accessibility through blockchain technology across the group’s diverse portfolio.

According to a press release seen by crypto.news on Feb. 27, the partnership will involve tokenizing DAMAC’s assets and making them 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 on-chain.”

The partnership aims to enhance transparency and accessibility in DAMAC’s varied portfolio, which includes real estate, hospitality, and data centers. As part of the agreement, DAMAC’s assets will be tokenized and made available exclusively on the MANTRA (OM) Chain by early 2025.

In November 2024, MANTRA and United Arab Emirates-based tokenization platform Libre Capital joined forces in a similar partnership regarding tokenized real-world assets (RWAs).

Tokenization, in the context of real estate, can 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.

notably, DAMAC Properties announced its initiative to support the digital economy by accepting cryptocurrency payments for property sales in Bitcoin (BTC) and Ethereum (ETH).