Dubai Launches Real Estate Tokenization Platform Targeting $16 Billion Market

The Dubai Land Department (DLD) has recently launched a groundbreaking real estate tokenization platform in collaboration with real estate fintech company Prypco and infrastructure provider Ctrl Alt. Named Prypco Mint, this platform is built on the XRP Ledger blockchain and aims to revolutionize the management and transaction of digital assets by tokenizing property ownership contracts and synchronizing them with official real estate records.

As a government-backed initiative, Prypco Mint is poised to tokenize approximately 7% of the Dubai real estate market by 2033, which translates to a significant $16 billion. Initially, the platform supports transactions in UAE Dirhams (AED) and is accessible only to UAE ID holders. However, future plans include expanding access to global users, making it a more inclusive platform for international investors.

Zand Digital Bank is the banking partner for this innovative project, with regulatory oversight provided by the UAE Central Bank, the Dubai Virtual Asset Regulatory Authority (VARA), and the Real Estate Innovation Sandbox project under the Dubai Future Foundation. This regulatory framework ensures the platform's compliance and security, providing a reliable environment for digital real estate transactions.

For global investors looking to participate in this digital real estate market, efficient and secure cross-border fund transfers are crucial. BiyaPay, a leading multi-asset transaction wallet, offers expedited remittance services covering multiple countries and regions worldwide. BiyaPay supports online exchanges between over 30 major fiat currencies and 200 digital assets, making it a versatile tool for international investors.

Through BiyaPay, users can easily achieve fast remittances to Dubai from their local accounts, with no limits and ensuring the safe arrival of funds through local transfer methods. This greatly enhances the convenience and efficiency of cross-border investments, allowing investors from anywhere to readily participate in the Dubai real estate tokenization process and seize new opportunities for future wealth growth.