Layer-1 blockchain Mantra (OM) has entered a $1 billion partnership with Damac Group, a prominent investment conglomerate, to integrate blockchain-based tokenization into the Middle East.
The partnership will allow Damac to use protocol’s blockchain to tokenize several types of assets, including properties, hotels, resorts, manufacturing ventures, and financial instruments, aligning with network’s vision of becoming a leading blockchain for RWAs.
These tokenized assets will be exclusively available on the Mantra blockchain starting early this year. The announcement reads:
Echoing the group’s optimism about the partnership, one of the DAMAC Group’s 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.”
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Mantra Expanding Its Presence in the Middle East
John Mullin, co-founder and CEO of Mantra, emphasized the significance of the collaboration, stating that Damac’s involvement represents “a massive vote of confidence for the future of RWA tokenization.”
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 onchain.
The protocol’s native token, $OM, has gained traction amid these developments. Despite a recent market downturn, the coin is trading close to $4, ranking as the 42nd-largest cryptocurrency with a market capitalization exceeding $3.7 billion.
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