Ripple has announced a partnership with Ctrl Alt to tokenize the real estate market in Dubai, marking a first for the region.
Ripple and Ctrl Alt Partnership
Ripple has announced a collaboration with Ctrl Alt to support a real estate tokenization project in partnership with the Dubai Land Department (DLD). This significant step could redefine the real estate market in one of the world's most dynamic regions.
Storage Technology and Legal Aspects
Using Ripple's custody technology, tokenized property title deeds will be stored on the XRP Ledger. This marks the first time a government agency in the Middle East has issued tokenized title deeds on a public blockchain. 'This is a significant milestone,' said Reece Merrick, Managing Director of Ripple for the Middle East and Africa. 'The choice of DLD for XRPL underscores its strength as the blockchain of choice for high-value real-world financial use cases.'
Global Asset Tokenization Trends
On a global scale, the race to tokenize real-world assets is heating up. A report by the Global Financial Markets Association and Boston Consulting Group suggests that tokenized illiquid assets could reach a value of $16 trillion by 2030. In the US, Bergen County, New Jersey, recently signed a deal to tokenize 370,000 property deeds on the Avalanche blockchain.
Ripple's partnership with Ctrl Alt in Dubai may have a significant impact on the real estate market and expand investment access on a global scale.
