Tokenized-asset platform MANTRA has signed a notable $1 billion agreement with DAMAC Group, a leading investment conglomerate in the Middle East. On January 9, the L1 blockchain announced that it had finalized the $1 billion deal in a collaboration that will see the partners tokenize assets across the region.
DAMAC Group’s business spans real estate, hospitality and data centers. MANTRA operates as a blockchain platform and a cryptocurrency focused on bringing real-world assets on-chain.
MANTRA targets a $1 billion tokenized RWA market
MANTRA and DAMAC Group will work together to introduce token-based financing across multiple assets in the conglomerate’s portfolio. The partnership targets a tokenization campaign with a minimum value of $1 billion. DAMAC Group assets are scheduled to go live on MANTRA Chain in early 2025.
“This partnership with DAMAC Group is a strong endorsement for the RWA industry. We are excited to collaborate with such a prestigious group of leaders who share our ambitions and recognize the incredible opportunities of bringing traditional financing on-chain,” said John Patrick Mullin, CEO of MANTRA, in a statement.
Amira Sajwani, CEO of Sales and Development at DAMAC, added that the partnership will provide investors with access to opportunities that benefit from enhanced security, transparency and convenience.
MANTRA’s mainnet launched in October, and the L1 network has already seen notable integrations as traditional finance and decentralized finance participants embrace blockchain technology.
The platform has reached significant milestones for its native token OM, including major exchange listings. MANTRA has also achieved development milestones with bridging, staking, and liquidity pools for swaps and trading.