Ripple Partners Ctrl Alt for Dubai Real Estate Tokenization Project

Ripple, a leading provider of digital asset solutions for banks and financial institutions, has announced a strategic partnership with Ctrl Alt, a prominent platform specializing in tokenization infrastructure. This collaboration aims to enhance the digital and secure nature of real estate transactions in Dubai. The partnership will leverage Ripple's digital asset custody technology to support the Dubai Land Department's Real Estate Tokenization Project, which involves deploying real estate title deeds on Ripple's blockchain, known as the XRP Ledger. This initiative ensures that the title deeds are secure, conveniently stored, and transparent.

Ctrl Alt, which recently received a Virtual Assets Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) of Dubai, will operate Ripple's digital asset custody technology. This license allows Ctrl Alt to provide token issuer services, including minting tokens and managing the safe storage of real-world assets. The partnership signifies a growing demand for secure and compliant digital asset systems in the region. Reece Merrick, Managing Director of Ripple in the Middle East and Africa, highlighted the significance of this project, noting that it is the first time a government real estate department in the Middle East has deployed property deeds on a public blockchain. This decision underscores the stability and reliability of Ripple's XRPL for large-scale financial projects.

Matt Ong, the CEO and founder of Ctrl Alt, emphasized the strategic fit of the partnership. Ctrl Alt's expertise in financial engineering and digital assets, combined with Ripple's custody technology, ensures the project's security and trustworthiness. Ong also noted that this collaboration will open up Dubai's real estate investment to a broader audience, making it more accessible and efficient. The Real Estate Tokenization Project aims to introduce transparency and efficiency in property investment, allowing investors to part-own properties by purchasing tokens. This democratizes real estate investment, enabling more individuals to participate with smaller sums of money.

Ripple's presence in the UAE has been rapidly expanding. Earlier this year, Ripple became the first blockchain payments company to receive a license from Dubai's main financial regulator. The company also collaborates with Zand Bank and Mamo for cross-border payments and has received approval for its stablecoin, RLUSD, in a financial center in Dubai. With over ten years of market experience and more than 60 licenses acquired globally, Ripple is well-positioned to offer secure and compliant digital asset services to financial institutions. This collaboration between Ripple and Ctrl Alt in Dubai sets a precedent for successful tokenization in the real estate sector, positioning the city as a global leader in blockchain real estate.