DUBAI (Reuters) – Mantra, a blockchain platform focused on real-asset (RWA), has signed a deal with Dubai developer DAMAC Group to tokenize at least $1 billion worth of assets in the Middle East, the two firms said. said on Thursday.
Asset tokenization allows rights, or ownership, of assets, including RWAs, to be transferred to digital tokens on the blockchain, which can be owned and traded online.
DAMAC, one of Dubai’s largest developers whose assets include real estate properties and data centers, is investing in data centers around the world.
On Tuesday, its chairman Hussain Sajwani and US President-elect Donald Trump announced that he would invest $20 billion in US data centers in the coming years.
Amira Sajwani, the developer’s managing director of sales and development, said in a statement, “DAMAC is always exploring new technologies to enhance our product offerings. The partnership with Mantra is a natural extension of our commitment to innovation and forward-thinking solutions. is expansion.”
Both firms said its properties in the Middle East will be available on the Mantra chain early this year.
Last year, MANTRA agreed with developer MAG Property Development to tokenize a total of $500 million worth of real estate assets, starting with a residential project in Dubai, the Gulf’s tourism and business hub.
The UAE and the city aim to become a global center for digital assets, including the crypto industry, and are working to attract some of the sector’s biggest firms and develop virtual asset regulations.
In 2017, the Dubai Land Department launched its blockchain platform using a database to record real estate contracts, including leases and registrations and link them to utility and telecommunications accounts.
(Reporting by Federico Maccioni, Editing by Barbara Lewis)
