MAG, MultiBank ink USD 3 bn tokenized real estate deal: Dubai-based developer MAG Holding Group has signed a USD 3 bn real estate tokenization agreement with MultiBank Group and blockchain firm Mavryk, according to a press release.

The details: The agreement, the largest tokenization initiative for real-world assets to date globally, will bring MAG’s real estate inventory — including The Ritz-Carlton Residences, Dubai Creekside and Keturah Reserve — onto MultiBank.io’s regulated real world assets marketplace, allowing global investors to access and earn daily yield from tokenized real estate. Mavryk will provide the blockchain infrastructure.

Still to come: The initiative will be powered by MultiBank’s soon-to-launch utility token, which will facilitate access, staking, and transactions on the platform. The platform is eyeing up to USD 10 bn in tokenized assets.

ICYMI- Earlier this year, MAG also partnered with Mantra to tokenize USD 500 mn in real estate assets, starting with a Dubai residential project.

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