Blockchain MANTRA to mark $1 billion in RWAs for UAE-based property firm DAMAC Group

MANTRA, a Layer 1 blockchain designed for tokenized real assets (RWA), has struck a deal with UAE-based property conglomerate DAMAC Group to bring at least $1 billion of the firm’s assets onto the blockchain rails, the companies announced Thursday. press release.

The deal allows investors to finance DAMAC’s portfolio companies, which include real estate development, hospitality and data centers. By tokenizing assets, companies streamline traditional investment processes and increase accessibility for retail and institutional investors.

Which DAMAC properties will be tokenized and the specifications of the offerings will be announced in the coming weeks, a MANTRA spokesperson told CoinDesk. The proposals will be available in early 2025, it said.

Real asset tokenization, the process of converting traditional assets such as real estate, commodities, funds, and securities into digital tokens that represent ownership on the blockchain, is gaining momentum globally. Institutions and even governments are increasingly exploring tokenization to achieve operational efficiencies such as faster settlements and greater investor access. The RWA market could grow to trillions of dollars this decade, according to various reports McKinsey, BCG, 21 Shares and the Bernstein predicted.

“Tokenization of our assets provides investors with a secure, transparent and convenient way to access a wide range of investment opportunities,” said Amira Sajwani, Managing Director of DAMAC.

MANTRA is targeting the Middle East region to bring various traditional financial assets to its blockchain. Earlier this year, it announced that it would tokenize $500 million in assets of Dubai-based real estate developer MAG Group. The network’s mainline launch took place in October, and the market capitalization of its OM token has risen nearly 200% in the past three months to $3.6 billion. Data from CoinGecko shows.

DAMAC has a history of exploring blockchain technology and cryptocurrency applications. Company in 2022 began to accept cryptocurrency payments in Bitcoin (BTC) and Ether (ETH), in line with the UAE’s ambitions to become a crypto hub.

It should be noted that President-elect Donald Trump said At a press conference earlier this week, DAMAC announced plans to invest $20 billion in data centers in several US states.