Ripple has announced a partnership with Ctrl Alt, a platform for real estate tokenization, which will utilize the XRP Ledger technology for storing tokenized property titles in Dubai.
Ripple and Ctrl Alt Partnership
Ripple is partnering with Ctrl Alt, a platform used by the Dubai Land Department for real estate tokenization, to provide its custody technology. This is Ripple's first major custody partnership in the UAE.
First Experience of Real Estate Tokenization in UAE
Reece Merrick, Managing Director of Ripple in the Middle East and Africa, noted that this project is a unique example of using a public blockchain for property rights registration. "This is the first time a government registration authority in the Middle East has tokenized property title deeds on a public blockchain," he said.
Expansion of Real Estate Tokenization in Dubai
Recently, Dubai has tokenized over three properties. As part of the PRYPCO Mint project, several tokenized listings have been successfully sold in less than two minutes.
Ripple's partnership with Ctrl Alt highlights Dubai's commitment to developing digital assets and innovative approaches in real estate.
