TLDR
- The collaboration between MANTRA blockchain and DAMAC Group targets the transformation of its $1 billion asset portfolio into digital tokens
- This initiative will cover assets such as real estate, hospitality services, and data centers
- Launch planned for early 2025
- Since 2022, DAMAC has been forward-thinking in accepting cryptocurrency as a payment method
- To expand its infrastructure, MANTRA has successfully attracted $11 million in investment funds
The MANTRA blockchain platform proudly announces a strategic partnership with the UAE-based real estate giant DAMAC Group to embark on tokenizing assets worth at least $1 billion , aiming to kick off at the dawn of 2025.
The joint effort is focused on digitally converting DAMAC's various asset categories into tokens, covering real estate developments, hospitality interests, and data center projects. This marks a significant milestone in asset digitization within the UAE real estate domain.
Having embraced cryptocurrency transactions since 2022, DAMAC Group has set the stage as a pioneer in adopting blockchain technology across the real estate sector. Diversifying further, they have also expanded ambitiously into data center ventures.
MANTRA's blockchain infrastructure will spearhead the tokenization process, reaching a pivotal moment with its mainnet launch in October 2024. Known for specializing in real-world asset tokenization (RWA), MANTRA is making considerable strides in the UAE landscape.
Amira Sajwani, at the helm as DAMAC's managing director, highlighted the initiative's aim to enrich investment accessibility for stakeholders.
\"Our alliance will cultivate a transparent and secure environment for investors to engage in our diverse business domains,\" Sajwani articulated.
The program is set to revolutionize traditional asset ownership using blockchain, enabling fractional investment avenues. This innovation is geared towards easing the entry for both individual and institutional interests into DAMAC's asset lineup.
Following MANTRA's recent $11 million funding milestone, earmarked for enhancing infrastructure and scaling operations in Hong Kong and the UAE, the project underscores their credibility with prior UAE partnerships.
Initial tokenization efforts will trial select assets from the DAMAC treasury, with plans for broader expansion aligned to market response and regulatory guidelines. The kickoff is slated for Q1 2025.
Dubai’s Vision
DAMAC's strategic leap towards asset tokenization syncs with Dubai's grand vision to position itself as a digital asset haven globally. The UAE's supportive regulatory measures are paving the path for digital ventures.
MANTRA's proprietary blockchain, crafted for large-scale real-world asset tokenization, will lay the project's technical groundwork. The platform empowers compliance verification, investor validation, and secure asset administration.
DAMAC recently unveiled a colossal $20 billion data center investment plan, which might be a prospect for future tokenization drives, underscoring its asset diversification commitment.
The tokenization journey will embrace multiple asset classes within DAMAC's ambit, furnishing investors with diverse opportunities and investment flexibility. Tokens, substantiated by tangible assets, assure authentic ownership recognition.
Security protocols for these digital assets will incorporate multi-signature validations, routine audits, and adherence to UAE regulatory precepts. MANTRA assures that all requisite permits for the project's initial phase are in place.
DAMAC's luxury hotel and serviced apartments, predominantly available to major investors so far, will now partake in this tokenization scheme.
A key advancement in this partnership entails completing infrastructure tests and finalizing operational guidelines for the pioneering asset tokenization segment set to unfold in early 2025.
