Mantra blockchain team tokenizes $500 million worth of real estate in Dubai

This year, the project’s native token has grown by more than 1000

03.07.2024 - 15:05

153

2 min

Last updated on Aug 6, 2024

What’s new? The team of the Mantra blockchain with the OM native token will tokenize real estate from Dubai-based developer MAG Group to the tune of $500 million. In the first phase, the Keturah Resort residential properties will be tokenized. Investors will receive a yield in stablecoins of 8%, as well as rewards in OM tokens.

Material by CoinDesk

What else is known? The Mantra blockchain ecosystem launched in 2020 and was created and led by John Patrick Mullin and Jayant Ramanand. The project is focused on the Middle East and working with tokenized real-world assets (RWAs).

In March this year, the company raised $11 million to develop this line of business, it is also in the final stages of obtaining a license from the Dubai Virtual Asset Regulatory Authority (VARA).

Partners and participants of the Mantra ecosystem include the crypto custodian Hex Trust, the decentralized oracle network Chainlink with native token LINK, the crypto wallet Trust Wallet with token TWT, USDY stablecoin issuer Ondo Finance, and many others.

For traders, Mantra offers a custodial trading platform with the ability to make money in liquidity pools. Institutions have access to RWA tokenization services and a decentralized identifier (DID) system with regulatory compliance.

OM is a utility token that can be staked for rewards and used in project management votes, as well as to benefit from airdrops.

The asset ranks 125th in the cryptocurrency rankings with a capitalization of $602 million and is trading at $0,7276, having lost 11,5% overnight. The weekly drop was 0,5%, with the asset up 1150% since the beginning of the year.

Author: