To increase access to tokenized assets in the Middle East, the team behind Mantra, the layer-1 blockchain for real-world assets, has inked a $1 billion partnership with the investment giant DAMAC Group.
The Mantra blockchain allows users to tokenize DAMAC Group assets as early as 2025. The two want to make real-world asset tokenization easier for Middle Eastern consumers. High-end fashion, data centers, financial markets, catering, hotels & resorts, and manufacturing are just a few of the many industries that are touched by the multibillion-dollar DAMAC Group. The group has offices across North America, Africa, Asia, and Europe, while having its headquarters in the United Arab Emirates (UAE).
Investigating real-world asset tokenization suggests that the company wants to provide its ecosystem’s goods other uses. Additionally, token-based financing incorporating a variety of the group’s assets will be introduced under the most recent agreement.
The RWA sector is being supported by this collaboration with DAMAC Group. Working with such a distinguished set of professionals who share our goals and see the amazing potential of putting conventional financial options onchain makes us very happy.
Mantra has worked with a number of sites both within and beyond the cryptocurrency sector to increase its acceptance since its mainnet launch in October 2024. They include Hex Trust, Anchorage Digital, Chainlink, and Google Cloud.
It’s interesting to note that these achievements have raised the value of $OM, Mantra’s native token, to unprecedented levels. Despite the recent decrease in the overall market, the token is now trading at $4 at the time of writing. Since OM’s market capitalization is much more than $3.7 billion, it is now the 42nd-largest cryptocurrency.
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