The Multibank Group, the world's largest financial financial institution in Dubai, signed a landmark of $ 3 billion real -world asset (RWA) tokenization agreement with the United Arab Emirates (UAE) -based real estate giant mag and blockchain infrastructure provider Mavryk.
The deal represents the largest RWA tokenization initiative around the world to the present and highlight the upcoming launch of the native utility token of Multibank, MBG, according to a press release shared with Cointelegraph.
The collaboration will bring ultra-luxury real estate projects to include Ritz-Carlton Residences, Dubai, Creekside and the Keturah Reserve-going to the blockchain through the regulated RWA market of Multibank.Io.
Once in a look, these possessions are available to global investors and develop a sunny yield for holders directly on the platform.
“The $ 3B worth of MAG's real estate will be token as individual RWA tokens on the Multibank platform, each of which is represented in the Mavryk Blockchain, as the underlying layer-1 infrastructure,” said Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of Mag, said to the cointelegraph.
Al Gaddah added that the “$ MBG token provides an ecosystem utility, including trading discounts, early access to properties, and a deflationary buyback-and-burn model.”
Related: Blackrock, five others provide 88% of all tokenized release of Treasury
Multibank tokenizes mag real estate
Mag, one of the most popular UAE developers, will contribute to the premium real estate portfolio for tokenization.
Mavryk will handle the issuance of blockchain and defi integrations, while the multibank group will manage the regulation, liquidity and management, along with the MBG token at the system's core.
“The tokenized assets issued by the multibank will have two utilities. Within the multibank group, they can be used as collateral for derivatives, creating a seamless bridge between traditional finances and tokenized possessions,” Al Gaddah said.
He said these tokens would be completely intertwined with the wider Mavryk Defi Ecosystem.
MBG token adds platform utility
The MBG token will empower staking, fee fee, VIP tier and user rewards. It also features a buyback-and-burn mechanism tied to platform revenues, creating a long-term value for both institutional and retail participants.
The platform aims to measure beyond the initial $ 3 billion up to $ 10 billion in tokenized properties.
“The goal is to token the high value, consisting of real estate assets that are traditionally difficult to access or trade.”
The announcement came amid the revised interest in the RWA tokenization.
On April 30, Blackrock filed to create Ledger's digital technology shares from one of the company's currency market funds, which would get blockchain technology to maintain a glass record of sharing shares for investors.
The DLT shares will monitor Blfrock's Blf Treasury Trust Fund (TTTXX), which can be purchased only from Blackrock Advisors and the Bank of New York Mellon (BNY).
The money market fund holds more than $ 150 million worth of properties, invested almost to the US and cash bills.
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