MANTRA, a blockchain platform focused on tokenizing real-world assets (RWA), has signed a partnership with Dubai-based real estate group DAMAC to tokenize at least $1 billion worth of assets in the Middle East. The deal aims to convert ownership of DAMAC’s assets, including real estate and data centers, into digital tokens for online trading.
DAMAC, one of Dubai’s largest real estate developers, is expanding into blockchain technology to improve and enhance the value of its assets. The partnership is in line with the UAE and Dubai’s goal of becoming a global hub for digital assets.
This follows MANTRA’s July 2024 agreement with MAG Property Development to tokenize $500 million worth of real estate assets in Dubai. DAMAC’s assets are expected to be deployed on the MANTRA chain this year.