Business News Report Technology
July 03, 2024

Mantra Partners With MAG To Tokenize $500 Million Of Its Real Estate Assets

In Brief

Mantra partnered with UAE-based real estate developer MAG to facilitate the tokenization of its extensive portfolio.

Mantra Partners With MAG To Tokenize $500 Million Of Its Real Estate Assets

Layer 1 blockchain platform specializing in tokenized real-world assets (RWAs), Mantra (OM), announced a partnership with UAE real estate developer MAG. This collaboration aims to facilitate the tokenization of MAG’s extensive real estate portfolio.

MAG is an internationally recognized property developer headquartered in the UAE, specializing in luxury real estate projects. The company is dedicated to creating and delivering projects designed to enhance lifestyles and offer long-term benefits to both investors and customers.

With its real estate portfolio valued at over $5 billion, the collaboration with Mantra seeks to innovate real estate investment by leveraging blockchain technology. The partnership begins with Keturah Reserve, a luxury residential project located in Meydan, Dubai, designed to enhance living spaces. Together, the companies will introduce a real estate financing vault on Mantra’s compliant-ready blockchain. This initial vault product aims to offer investors yield from an alternative asset class backed by the security and transparency of blockchain technology.

Structured into multiple tranches, the total transaction value of projects slated for tokenization will amount to $500 million. Investors participating in the vault can earn yield in stablecoins and OM tokens, with an estimated annual percentage yield (APY) of approximately 8% from stablecoins. This yield will be further enhanced through the addition of OM tokens.

In addition, the initial vault will be over-collateralized by the $75 million mansion located within ”The Ritz-Carlton Residences, Dubai, Creekside” development, a component of the Keturah Resort. This collateral will be backstopped by MAG’s corporate credit, ensuring investor protection while driving innovation in real estate investment through tokenization.

Mantra: What Is It?

As a permissionless blockchain platform that can adhere to and enforce real-world regulatory requirements, Mantra enables developers and institutions to engage in the growing RWA tokenization sector. It offers advanced technological modules, compliance mechanisms, and cross-chain interoperability. 

The Mantra mainnet is currently operational. In March, the project raised $11 million in a seed funding round led by Shorooq Partners, Caladan, Three Point Capital, and other prominent investors.

Recently, Mantra has introduced an OM liquidity pool on the Ethereum Layer 2 network Base. This allows users to bridge OM tokens with Base, participate in the Mantra ecosystem, and gain early access to Mantra products launched on the Base platform.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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