- Ripple has teamed up with Ctrl Alt, a tokenization platform, that will use Ripple’s custody technology to manage tokenized real estate for the DLD.
- By 2033, Dubai expects that tokenized properties could make up 7% of its entire real estate market, which would be worth around AED 60 billion.
Ripple (XRP) has officially teamed up with Ctrl Alt, a B2B infrastructure solution provider and a rising player in the tokenization space.
Ctrl Alt recently made headlines after securing its VASP license from VARA, becoming the first company authorized to provide issuer-related services in Dubai, a big step for the region’s crypto space.
This new partnership marks Ripple’s first major custody collaboration in the UAE, and it’s tied to a real-world, forward-looking initiative: the Dubai Land Department’s (DLD) Real Estate Tokenization Project.
Together, Ripple and Ctrl Alt are working to bring secure, blockchain-based real estate ownership to life, combining Ripple’s trusted digital asset custody tech with Ctrl Alt’s tokenization expertise to help reshape how property is bought, owned, and transferred in Dubai.
Ripple’s enterprise-level custody technology will power Ctrl Alt’s handling and protection of tokenized property deeds. These digital deeds are being issued directly on the XRP Ledger (XRPL). This will make property ownership more scalable, secure, and transparent by moving it entirely on-chain.
Dubai is clearly setting the pace when it comes to reimagining real estate. This project opens the doors to a more accessible and efficient property market, allowing for greater investor participation and streamlined processes.
One of the most exciting parts? This now introduces fractional ownership. In other words, a single property can now be co-owned by multiple investors, a trend that is reshaping how people invest in real estate, both locally and globally.
Reece Merrick, Managing Director, Middle East and Africa, at Ripple, stated,
This is the first time a government real estate registration authority in the Middle East has tokenized property title deeds on a public blockchain. That the DLD has chosen the XRPL for this is really exciting and reinforces the XRPL’s credentials as the blockchain of choice for serious financial use cases. We’re delighted that Ctrl Alt has chosen our institutional-grade digital asset custody technology to support the delivery of this project.
Ripple’s Growing Presence
Earlier this year, Ripple set a precedent by becoming the first blockchain-driven payments company to receive licensing from the Dubai Financial Services Authority (DFSA). This solidified Ripple’s growing presence in the Middle East and positioned it as a player in the region’s push for blockchain adoption.
In the UAE, Ripple has already formed key partnerships with Zand Bank and Mamo. Adding to this, Ripple’s stablecoin RLUSD was approved by the DFSA as a recognized crypto token.
This was another vote of confidence in the company’s regulatory strength, even as it had a lawsuit with the Securities and Exchange Commission (SEC). Notably, Ripple now holds over 60 regulatory licenses and registrations worldwide.
Amid Bitcoin’s climb to $123,000, Crypto News Flash reported about XRP riding the wave and soaring past the $3 mark. This is supported by a strong 30% surge over the past week. At the time of writing, XRP is trading around $3.15, reflecting a 7.76% gain on the day.
According to CNF, analysts believe XRP could be on track for an even bigger breakout to $10 if current trends continue.
No Comment! Be the first one.