The team behind Mantra, the layer-1 blockchain for real-world assets, has signed a $1 billion agreement deal with DAMAC Group, an investment conglomerate, to boost accessibility to tokenized assets in the Middle East.
Users can tokenize DAMAC Group assets from early 2025 using the Mantra blockchain.
DAMAC Group is a multi-billion-dollar business conglomerate whose tentacles cut across diverse endeavors, such as high-end fashion, data centers, capital markets, catering, hotels & resorts, and manufacturing. Although headquartered in the United Arab Emirates (UAE), the group has offices across North America, Africa, Asia, and Europe.
Exploring real-world asset tokenization implies that the conglomerate is interested in adding additional utility to products within its ecosystem. The latest deal will also introduce token-based financing involving various assets within the groups portfolio.
Echoing the groups optimism about the partnership, one of the DAMAC Groups executives stated that selecting Mantra is a natural extension of our commitment to innovation and forward-thinking solutions. The executive added that tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.
Mantras CEO, John Patrick Mullin, also commented on the latest collaboration, stating:
This partnership with DAMAC Group is an endorsement for the RWA industry. Were 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.
Since its October 2024 mainnet debut, Mantra has collaborated with various platforms within and outside the crypto industry to grow its adoption. Google Cloud, Chainlink, Anchorage Digital, and Hex Trust are among them.
Interestingly, these milestones have propelled Mantras native token, $OM, to new heights. At the time of writing, the token is currently trading close to $4 despite the broader market’s decline in the past few days. OM is now the 42nd-largest cryptocurrency by market cap as the metric is well above $3.7 billion.