MANTRA is a blockchain platform focused on tokenizing real-world assets (RWA), having signed a partnership with Dubai's DAMAC real estate group to tokenize at least 1 billion USD worth of assets in the Middle East. This agreement aims to convert DAMAC's asset ownership, including real estate and data centers, into digital tokens for online trading.
DAMAC, one of the largest real estate developers in Dubai, is expanding into the blockchain technology sector to improve and enhance asset value. This collaboration aligns with the UAE and Dubai's goals of becoming a global hub for digital assets.
This is the next step for MANTRA following the agreement in July 2024 with MAG Property Development to tokenize 500 million USD of real estate assets in Dubai. DAMAC's assets are expected to be deployed on the MANTRA chain this year.