What to know:
- MANTRA will tokenize at least $1 billion worth of property developer DAMAC Groups’ assets in early 2025, the companies said Thursday.
- DAMAC’s portfolio encompasses real estate developments firms, hospitality and data centers, and started accepting crypto payments in 2022.
- Earlier this week, President-elect Donald Trump said that DAMAC laid out plans for a $20 billion investment in data centers.
The decentralized blockchain platform MANTRA, which specializes in tokenizing real-world assets, has partnered with the UAE-based property giant DAMAC Group. This partnership aims to move at least $1 billion worth of the company’s properties onto the blockchain infrastructure, as announced in a press release on Thursday.
This agreement enables investors to fund DAMAC’s diverse range of portfolio businesses, which cover areas such as real estate development, hospitality, and data centers. To simplify conventional investment procedures and expand opportunities for both individual and large-scale investors, the companies are planning to convert their assets into digital tokens.
In the upcoming weeks, information about which DAMAC properties are going to be tokenized and details of the associated offerings will be disclosed, as confirmed by a representative from MANTRA. According to the press release, these offerings are expected to become available starting in early 2025.
Transforming tangible assets such as real estate, commodities, investment funds, and securities into digital forms (tokenization) is becoming more popular around the world. This process represents ownership on a blockchain, and it’s attracting interest from institutions and even governments due to potential operational advantages like quicker transactions and increased investor reach. Projections suggest that the market for Real-World Asset (RWA) tokenization could expand to trillions of dollars over this decade according to reports from McKinsey, BCG, 21Shares, and Bernstein.
According to Amira Sajwani, the managing director of DAMAC, tokenizing our assets offers investors a safe, open, and effortless method for exploring various investment possibilities.
mantra_finance prioritizes the Middle East area, aiming to introduce a varied selection of conventional financial assets onto its blockchain platform. This year, they announced their intention to tokenize half a billion dollars’ worth of real estate assets belonging to Dubai-based developer MAG Group. The mainnet launch for this network occurred in October, and since then, the value of its native token OM has significantly increased by around 200% over the past three months, reaching a market capitalization of approximately $3.6 billion, according to CoinGecko data.
DAMAC has consistently delved into methods of applying blockchain technology and digital currencies over time. In 2022, this company embarked on accepting cryptocurrency transactions using Bitcoin (BTC) and Ether (ETH), mirroring the UAE’s aspirations to establish itself as a hub for cryptocurrencies.
Significantly, Donald Trump, who is set to become the President, announced during a press briefing this week his plans about DAMAC’s proposed $20 billion investment in data centers spread across multiple U.S. states.
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2025-01-09 17:02