Layer-1 network Mavryk said it raised $10 million in a strategic investment led by financial derivatives provider MultiBank Group to expand its real-world asset (RWA) tokenization plans.

Mavryk Network and MultiBank have an existing partnership to tokenize over $10 billion worth of real estate in the United Arab Emirates through the latter's RWA platform.

The two companies aim to broaden access to premium investments, such as real estate, according to an emailed announcement on Wednesday.

The initiative is also supported by major digital asset custody provider Fireblocks, which provides the multiparty computation wallets that safeguard the tokenized assets on Mavryk's network. This allows investors to trade and borrow against their real estate-backed tokens without having to manage their own private keys.

The funding round follows the $5.2 million raised by its developers, Mavryk Dynamics, in February.

RWAs tokenization refers to representing ownership of real-world assets, such as stocks and bonds, as digital tokens that can be bought and sold on blockchains.

Amongst others motivations, one of the proposed advantages of tokenization is generating greater liquidity through expanding access to a larger pool of investors. The idea is that a generally illiquid asset class, such as real estate, could benefit significantly from tokenization.

Deloitte has forecast that the global tokenized real estate market could be worth $4 trillion in 10 year's time.

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