TL;DR
- Mantra and DAMAC Group sign a $1 billion agreement to tokenize assets in the Middle East, starting with DAMAC’s portfolio.
- Asset tokenization will not only enhance transparency but also provide easier access to a wide range of investment opportunities globally.
- This deal could revolutionize the real estate sector in the region and expand the use of cryptocurrencies for payments and project financing.
Mantra, the layer-1 blockchain focused on real-world assets, has signed a $1 billion agreement with DAMAC Group, an investment conglomerate based in the United Arab Emirates (UAE). The deal aims to facilitate the tokenization of assets, starting with DAMAC’s holdings, which will be available for tokenization on the Mantra blockchain starting in early 2025.
Revolutionizing Asset Tokenization in the Middle East
DAMAC Group, a multi-billion-dollar conglomerate, operates in sectors such as luxury fashion, data centers, capital markets, hospitality, and manufacturing. While headquartered in the UAE, DAMAC has a presence in North America, Africa, Asia, and Europe. This agreement seeks to add value and utility to its products, beginning with asset tokenization. This will enable more efficient buying and selling of assets and facilitate financing through digital assets, enhancing liquidity and providing broader access to global investors.
A DAMAC executive expressed optimism about the partnership, stating,
“Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities”.
This alliance reaffirms DAMAC’s commitment to innovation by integrating blockchain technology into its financing and operational processes, strengthening its position in the digital economy.
John Patrick Mullin, CEO of Mantra, remarked,
“This partnership with DAMAC Group is an endorsement for the RWA industry. 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 onchain”.
A Significant Boost for Blockchain Adoption
Since its launch in October 2024, Mantra’s blockchain has secured collaborations with platforms like Google Cloud, Chainlink, Anchorage Digital, and Hex Trust, which has driven the value of its native token, OM. Despite the recent market decline, OM remains near $4, positioning it as the 42nd-largest cryptocurrency by market capitalization, with a value exceeding $3.7 billion.
This partnership not only represents a technological advancement but also an opportunity to redefine investment access in the region. Asset tokenization could transform the real estate market and other key sectors, enabling more people to access previously inaccessible investment opportunities. In this sense, the deal with DAMAC Group could mark the beginning of a profound shift in the global economy, driven by blockchain technology, impacting various industries and paving the way for future growth.
