Layer 1 blockchain firm Mantra has announced a collaboration with prominent United Arab Emirates (UAE) real estate developer MAG to tokenize $500 million worth of real-world assets (RWA).
According to a press release by the blockchain firm, the collaboration will build on MANTRA’s secure RWA-focused blockchain and MAG’s established presence in the UAE’s real estate market to unlock unique investment opportunities in the Middle Eastern tokenized real estate market. And also solidify both Mantra and MAG’s positions as industry leaders in the region.
The partnership aims to democratize access to luxury UAE real estate through secure, yield-bearing vault products powered by Mantra’s Layer 1 blockchain technology. All the real estate projects slated for tokenization are structured to occur in multiple tranches. The initial focus will be on Keturah Reserve, a luxury residential project in Dubai’s Meydan district.
Investors were promised “a combined yield, with an estimated 8% APY generated from stablecoins.”
According to the press release, the initial vault will be over-collateralized to protect the investor’s funds by a US$75 million mega-mansion within the Keturah Resort’s “The Ritz-Carlton Residences, Dubai, Creekside.”
Al Gaddah, CEO of MAG Lifestyle Development, expressed enthusiasm about the partnership. He stated that it enables the firm to leverage next-generation blockchain technology to enhance the value and accessibility of MAG’s real estate offerings. He views this strategic alliance as a significant step forward in the company’s journey to lead the industry.
John Patrick Mullin, Co-Founder and CEO of Mantra, described the deal as a key milestone in the blockchain’s mission to bridge blockchain technology with tangible assets.
This development aligns with broader industry trends, as exemplified by Ripple’s recent partnership with UK-based crypto exchange Archax in June 2024. Archax claimed their collaboration would introduce hundreds of millions of dollars worth of real-world assets to the XRP Ledger (XPRL) in the coming year.
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