XRP News Today: Dubai Land Department Launches Tokenized Real Estate on XRP Ledger

The Dubai Land Department (DLD) has initiated the issuance of tokenized real estate title deeds on the XRP Ledger, marking a significant milestone as the first government real estate authority in the Middle East to adopt a public blockchain for property records. This groundbreaking project is a collaborative effort between the DLD, the tokenization provider Ctrl Alt, and the crypto giant Ripple, which will provide institutional-grade custody for the tokenized assets. The primary goal of this initiative is to introduce fractional ownership of property and enhance accessibility for investors.

Under this partnership, Ctrl Alt serves as the tokenization provider, having recently secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license enables Ctrl Alt to conduct issuer-related services, ensuring a fully compliant framework for the tokenization process. The firm will integrate Ripple’s custody technology to deliver secure and scalable storage for the tokenized title deeds, meeting the high operational standards required for secure token storage.

This formal connection between asset issuance and digital custody is expected to facilitate the complete on-chain lifecycle management of real estate tokens. Matt Ong, the CEO of Ctrl Alt, emphasized that Ripple’s custody systems would meet the necessary operational standards for secure token storage. This collaboration is part of Dubai’s broader push toward a blockchain-based property infrastructure, aiming to enhance transparency and efficiency in real estate transactions.

Ripple’s involvement in this project aligns with its expanding footprint in the UAE’s digital asset sector. This partnership marks Ripple’s first major custody collaboration in the UAE, following similar deployments in Europe and Asia. Reece Merrick, the Managing Director for Ripple in the Middle East and Africa, confirmed the company’s role in providing digital asset custody for the initiative. Ripple’s participation in the DLD project follows a series of regulatory and institutional moves in the UAE, including over 60 licenses globally and an approval from the Dubai Financial Services Authority (DFSA) for its RLUSD stablecoin.

Ripple has also formed partnerships with local institutions such as Zand Bank and Mamo for other blockchain-enabled financial services. This initiative underscores the growing integration of blockchain technology in the real estate sector, offering new opportunities for fractional ownership and improved accessibility for investors. The collaboration between the DLD, Ctrl Alt, and Ripple represents a significant step forward in leveraging blockchain for secure and transparent property transactions.