Tokenized real-world property platform MANTRA has struck a notable $1 billion settlement with DAMAC Group, a prime funding conglomerate within the Center East.

On Jan. 9, the L1 blockchain introduced that it had sealed the $1 billion deal in a collaboration that can see the companions tokenize property within the area. DAMAC Group’s enterprise operations embrace in actual property, hospitality and information centres amongst others. MANTRA is a real-world property blockchain platform and cryptocurrency.

MANTRA eyes $1 billion tokenized RWA market

MANTRA and DAMAC Group will work collectively to deliver token-based financing to a number of of the group’s property. The partnership targets a tokenization drive with a minimal $1 billion. Property in DAMAC Group’s portfolio will go reside on MANTRA Chain in early 2025.

“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 on-chain,” John Patrick Mullin, chief government officer of MANTRA mentioned in an announcement.

Amira Sajwani, managing director of gross sales & growth at DAMAC, added that the partnership will provide buyers entry to funding alternatives that profit from safety, transparency and comfort.

MANTRA’s mainnet went reside in October, with the L1 community seeing notable integrations as conventional finance and decentralized finance gamers embrace its blockchain expertise.

The platform has recorded important milestones for its native token OM with main alternate listings. Mantra additionally hit growth landmarks with bridge, staking and swap & liquidity swimming pools.