Ripple has announced a partnership with the tokenization platform Ctrl Alt to support the Dubai Land Department's real estate tokenization project.
Ripple and Ctrl Alt Partnership
The collaboration between Ripple and Ctrl Alt will allow the companies to expand their footprint in the UAE, focusing on the growing demand for secure and compliant asset infrastructure. Notably, Ripple's stablecoin, RLUSD, has secured its first major custody partner in the UAE.
Real Estate Tokenization in Dubai
The real estate tokenization project will enable property rights to be represented on the blockchain and will be the first of its kind in the region. Reece Merrick, Ripple's Managing Director for the Middle East and Africa, remarked, "The Dubai Land Department's Real Estate Tokenization Project is a prime example of innovative initiatives that are positioning Dubai at the heart of the global digital asset industry."
Ripple's Growth in the Region
After securing a license from the Dubai Financial Services Authority to offer crypto payments and acquiring brokerage firm Hidden Road, Ripple continues to expand its technological and operational capabilities in the UAE. The integration of RLUSD is also notable, as it has been adopted by both the Swiss bank AMINA and BNY Mellon.
The partnership between Ripple and Ctrl Alt emphasizes the significance of transitioning to digital assets in the real estate sector, opening new opportunities for investors and enhancing the market.
