Ripple Partners with Ctrl Alt to Tokenize Dubai Real Estate

Ripple has partnered with Ctrl Alt to support a significant advancement in Dubai’s real estate sector. This collaboration aims to transform traditional property title deeds into digital tokens using the XRP Ledger. Ripple will provide secure storage for these digital deeds through its trusted custody technology, enhancing the security and transparency of the process.

This initiative allows individuals to purchase shares in real estate, making it more accessible for investors to enter the market without the need to acquire entire properties. The tokenization model is designed to attract both retail and institutional investors, with investments starting at just AED 2,000 (~$545). This approach aims to bring Dubai’s thriving real estate market to a global audience, improving transparency and access.

This marks the first instance where a government-backed real estate registry in the Middle East has utilized a public blockchain to tokenize property. Ripple expressed pride in supporting this project, viewing it as a significant step forward in demonstrating the practical applications of blockchain technology in real-world financial scenarios. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted that the Dubai Land Department’s choice of the XRP Ledger underscores its robustness in real-world financial applications.

Ctrl Alt, the platform managing the tokenization process, has recently secured a VASP license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license enables Ctrl Alt to offer services for both token creation and custody, ensuring that the entire investment process is regulated, secure, and transparent. The platform has already piloted this model with successful sales, including a Dh1.75M villa sold in under five minutes and a Kensington Waters apartment listed for AED 1.5M. These transactions demonstrate that real estate tokenization is not just a theoretical concept but a practical reality.

For investors, the tokenization process offers several advantages. Fractional ownership allows individuals to invest in a portion of a property rather than purchasing the entire asset. Ctrl Alt handles the token creation, backed by Ripple’s secure custody technology. The entry point for investments is as low as AED 2,000 (~$545), making it accessible to a broader range of investors. The model is open to global investors, enhancing market reach and liquidity. Additionally, the process is governed under UAE’s Virtual Asset laws via VARA-licensed operations, ensuring compliance and security.

This partnership also signifies Ripple’s growing presence in the UAE. Earlier this year, Ripple received a license from the Dubai Financial Services Authority (DFSA) and approved its RLUSD stablecoin for use in Dubai’s financial center. The company has also launched partnerships with Zand Bank and Mamo for cross-border blockchain payments. These strategic moves position Ripple as a key player in the UAE’s blockchain ecosystem, further solidifying its role in the region’s financial innovation.