Mantra Chain plans to tokenize the property of Dubai developer MAG Group price $500 million. The Mantra mission, centered on the Center East, will tokenize property in a number of tranches.
The primary tranche will embrace the Keturah Reserve residential mission, which is being constructed by MAG in Meydan, Dubai. The tranche will even embrace the development of a $75 million mega-mansion at The Ritz-Carlton Residences, which is a part of the Keturah Resort.
Buyers will obtain revenue via stablecoins and the OM Mantra token. They’re anticipated to obtain an 8% return on stablecoins and extra OM tokens.
“The specifics of the yield, reminiscent of which stablecoin will probably be used and the quantity of OM to be allotted, are beneath dialogue amongst MAG and Mantra,” the businesses stated in an announcement.
In March 2024, Mantra raised $11 million to tokenize actual property and obtained a VARA license within the UAE. On the time of writing, the native OM token is buying and selling at 0.84 cents after hitting an all-time excessive of over $1 beforehand, in accordance with CoinMarketCap.