5 months ago
MANTRA, a layer-1 blockchain designed for tokenized real-world assets (RWA), entered an statement with United Arab Emirates-based spot conglomerate DAMAC Group to bring astatine slightest $1 cardinal of the firm's assets to blockchain rails, the companies announced Thursday successful a property release.
The woody volition let investors to concern DAMAC's portfolio companies spanning crossed assorted sectors including existent property development, hospitality and information centers. By tokenizing assets, the companies purpose to streamline accepted concern processes portion expanding accessibility for some retail and organization investors.
Details of which DAMAC properties volition beryllium tokenized and specifications of the offerings volition beryllium announced successful the coming weeks, a MANTRA spokesperson told CoinDesk. The offerings volition beryllium disposable starting successful aboriginal 2025, the property merchandise said.
Tokenization of real-world assets, the process of converting accepted assets similar existent estate, commodities, funds and securities into integer tokens that represents ownership connected a blockchain, is gaining traction globally. Institutions and adjacent governments are progressively exploring tokenization successful pursuit of operational ratio gains similar speedier settlements and broader capitalist accessibility. The RWA marketplace could turn to trillions of dollars done this decade, assorted reports from McKinsey, BCG, 21Shares and Bernstein projected.
"Tokenizing our assets volition supply investors with a secure, transparent and convenient mode to entree a wide scope of concern opportunities," Amira Sajwani, managing manager of DAMAC, said successful a statement.
MANTRA focuses connected the Middle East portion to bring a divers scope of accepted fiscal assets to its blockchain. Earlier this year, the it said it volition tokenize $500 cardinal worthy of assets of Dubai-based existent property developer MAG Group. The network's mainnet motorboat took spot successful October, and its autochthonal token OM's marketplace capitalization roseate by astir 200% implicit the past 3 months to $3.6 billion, CoinGecko data shows.
DAMAC has a past of exploring ways to usage blockchain tech and cryptocurrencies. In 2022, the steadfast began accepting cryptocurrency payments successful bitcoin (BTC) and ether (ETH), aligning with the UAE’s ambitions to go a crypto hub.
Notably, President-elect Donald Trump said earlier this week during a property league that DAMAC laid retired plans for a $20 cardinal concern successful information centers crossed respective U.S. states.
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