Ripple has partnered with Ctrl Alt to provide custodial services for tokenized title deeds in Dubai. This event follows the launch of the first tokenized real estate initiative in the city.
Launch of Tokenized Real Estate Market in Dubai
In May, Dubai launched its first tokenized real estate initiative, allowing investors to purchase tokenized shares of high-value properties. The minimum investment threshold was set at less than $600. The available properties include locations like Downtown, Palm Jumeirah, and Dubai South, with each offering split into 1,000-10,000 tokens.
Collaboration with Ctrl Alt and Its Implications
Ctrl Alt recently obtained a license from VARA (Dubai’s Virtual Asset Regulatory Authority) to issue and manage tokenized assets. The firm confirmed its involvement in the tokenization project in July. This partnership makes Ctrl Alt Ripple's first custody client in the MENA region.
Ripple's Presence in the MENA Region
Ripple has significantly focused on its expansion within the MENA region and has opened a regional headquarters in the Dubai International Financial Centre (DIFC) since 2020. In November 2023, XRP was recognized as a virtual asset by the DIFC, marking a key regulatory achievement for the company in a region that accounts for roughly 20% of its customer base.
The partnership between Ripple and Ctrl Alt in the realm of real estate tokenization in Dubai presents new opportunities for investors, offering accessible options for investment in valuable properties. This development also highlights the growing importance of blockchain technology in the real estate market.
