Dubai has become the first region to issue tokenized property rights using the XRP Ledger technology, supported by an initiative from the Dubai Land Department.
New Direction in Property Tokenization
The project represents a first of its kind at the regional level, allowing property titles to be issued directly on a public blockchain. This reinforces Dubai's status as a global leader in real estate innovation.
Role of Ripple and Ctrl Alt in the Project
Ripple will provide institutional-grade custody infrastructure, while Ctrl Alt will manage the lifecycle of these digital assets. Ctrl Alt's CEO Matt Ong noted that this partnership opens up broader investor participation in the real estate market.
Future of Asset Tokenization in Dubai
Ripple's Managing Director for the Middle East and Africa, Reece Merrick, highlighted the project's significance, stating it could set the standard for blockchain adoption by other government registries. Dubai is rapidly becoming a global testbed for the tokenization of real-world assets.
The initiative to tokenize property rights in Dubai using the XRP Ledger opens new horizons for the market and serves as an example for other regions seeking innovation in real estate.
