XRP News Today: Ripple Expands UAE Custody Solutions for Dubai Real Estate Tokenization

Ripple, a leading blockchain firm, has expanded its custody solutions in the United Arab Emirates (UAE) through a strategic partnership with Ctrl Alt, a tokenization infrastructure platform. This collaboration aims to support the Dubai Land Department’s Real Estate Tokenization Project by providing institutional-grade digital asset custody for Dubai’s tokenized real estate title deeds. The partnership was announced on July 16, marking a significant expansion of Ripple’s global custody network, which now includes clients across Europe, the Middle East and Africa, Asia-Pacific, and Latin America.

Ctrl Alt, which has been tokenizing real estate title deeds on the XRP Ledger (XRPL), will utilize Ripple’s custody platform to store these tokenized deeds. This move follows the Dubai Land Department’s selection of XRPL to tokenize real estate title deeds, a first for a government real estate registration authority in the Middle East. The expansion of Ripple’s custody services in the UAE is part of a broader strategy to pioneer tokenization in the region, driven by increasing demand from financial institutions and government agencies.

Ctrl Alt’s expansion into the UAE, with the opening of its office in Dubai in September 2024, has been instrumental in accelerating the tokenization push. The company was chosen as the tokenization partner for the Dubai Land Department’s Real Estate Tokenization Project, enabling investors to buy fractions of a single property using the PRYPCO Mint real estate platform. The tokenized real estate market in Dubai is projected to reach significant heights, with estimates suggesting it could reach AED 60 billion ($16 billion) by 2033.

In addition to its partnership with Ctrl Alt, Ripple has also seen regulatory recognition in the UAE. The Dubai Financial Services Authority (DFSA) recently recognized the RLUSD stablecoin as a recognized crypto token, enabling its use for the Dubai Land Department’s Real Estate Tokenization Project. This regulatory approval further solidifies Ripple’s position in the region and supports its efforts to expand its custody solutions.

Ctrl Alt has also obtained a license from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a Virtual Assets Service Provider (VASP). This license allows the firm to conduct broker-dealer and issuer services, paving the way for regulated tokenization in the Emirate. The partnership between Ripple and Ctrl Alt is expected to drive further innovation in the tokenization of real estate and other assets, leveraging the security and efficiency of the XRP Ledger.

As Ripple continues to expand its partnerships and use cases, analysts have predicted a potential rally in the price of XRP. According to analysts, including The Coin Republic and Johnny, the price of XRP could rally to $5 if favorable conditions prevail. This prediction is based on the strong fundamentals of XRP, driven by Ripple’s expanding partnerships and the increasing adoption of the XRP Ledger for various use cases, including real estate tokenization.