The two companies said Thursday that the Mandela platform (RWAS) has signed an agreement with Dubai developer Damac Group in the Middle East. Among the token assets, it is worth at least US$1 billion (about Rs 85,89 crore). .
Asset tokenization allows the rights of assets, including real-world assets (RWAs) to be converted into digital tokens on the blockchain, which can then be owned and traded online.
Damac is one of the largest developers in Dubai, whose assets include real estate properties and data centers, and has been investing in data centers around the world.
On Tuesday, its chairman Hussain Sajwani and U.S. President-elect Donald Trump announced that they would invest $20 billion (about Rs 171,798 crore) in the U.S. in the coming years .
“Damac has been exploring new technologies to enhance our product offerings. Partnering with Mantra is a natural extension of our commitment to innovative and forward-looking solutions,” said Amira Sajwani, Director of the Developer Sales and Development Bureau, in a statement.
The companies said their Middle East assets will be listed on the Spell Chain early this year.
Last year, Mantra agreed to developer Mag Property Development, with a total of $500 million (approximately Rs 42.95 crore) in token real estate assets, starting with a residential project in Dubai, a tourism and commercial hub for the Gulf.
The United Arab Emirates and cities aim to be a global hub of digital assets, including the crypto industry, and are working to attract some of the largest companies in the industry and develop virtual asset regulation.
In 2017, the Dubai Land Department launched its blockchain platform using a database to record real estate contracts, including leasing and registration, and link them to utility and telecom accounts.
©Tech Word News
(This story has not been edited by Tech Word News’s staff and is automatically generated from the joint feed.)
