Tokenized real-world assets platform MANTRA has struck a notable $1 billion agreement with DAMAC Group, a top investment conglomerate in the Middle East.

On Jan. 9, the L1 blockchain announced that it had sealed the $1 billion deal in a collaboration that will see the partners tokenize assets in the region. DAMAC Group’s business operations include in real estate, hospitality and data centres among others. MANTRA is a real-world assets blockchain platform and cryptocurrency.

MANTRA eyes $1 billion tokenized RWA market

MANTRA and DAMAC Group will work together to bring token-based financing to several of the group’s assets. The partnership targets a tokenization drive with a minimum $1 billion. Assets in DAMAC Group’s portfolio will go live 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 executive officer of MANTRA said in a statement.

Amira Sajwani, managing director of sales & development at DAMAC, added that the partnership will offer investors access to investment opportunities that benefit from security, transparency and convenience.

MANTRA’s mainnet went live in October, with the L1 network seeing notable integrations as traditional finance and decentralized finance players embrace its blockchain technology.

The platform has recorded significant milestones for its native token OM with major exchange listings. Mantra also hit development landmarks with bridge, staking and swap & liquidity pools.