Blockchain platform Mantra has announced a partnership with Dubai-based developer Damac Group to tokenize assets in the Middle East valued at US$1 billion, according to a joint statement released on Thursday.

Asset tokenization is the process of converting ownership rights to real-world assets into digital tokens on a blockchain, enabling online trading.

Damac, one of the largest developers in Dubai, aims to make its Middle Eastern assets available on the Mantra blockchain early this year.

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