Ripple is collaborating with Ctrl Alt to assist the Dubai Land Department (DLD) in its initiative to transform property ownership through the use of blockchain technology.
According to an announcement made on July 16th, this alliance will bring Ripple’s top-tier institutional custody solutions to the
DLD’s project to tokenize real estate. This involves securely storing property deeds on the
XRP Ledger (XRPL).
The news appears to be positively affecting the XRP token. Data from CryptoSlate shows that the token has gained nearly 4% and is currently trading close to the $3 mark as of the time of this report.
Ripple’s Increasing Footprint in the UAE
This event marks the first instance of a government entity in the Middle East issuing real estate deeds via a public blockchain. Ripple’s responsibility is to provide a secure and scalable custody infrastructure. In contrast, Ctrl Alt will be responsible for local execution and on-the-ground support.
For Ripple, this partnership signifies its initial significant custody agreement in the UAE and is consistent with the company’s expansion efforts across the region.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, stated:
“The Dubai Land Department’s Real Estate Tokenization Project perfectly illustrates the kind of innovative and forward-looking initiative that is establishing Dubai as a central hub in the global digital asset industry. The DLD’s selection of XRPL for this project is truly exciting and reinforces the XRPL’s reputation as the preferred blockchain for significant financial applications.”
The project is currently in its pilot stage, implemented in collaboration with Ripple, Ctrl Alt, and Dubai’s Virtual Assets Regulatory Authority. This undertaking aligns with broader initiatives focused on digitizing municipal services and increasing the utilization of blockchain technology in sectors such as real estate, finance, and public services.
This agreement builds on Ripple’s growing momentum in the UAE, notably following their distinction as the first blockchain payments provider to be licensed by the Dubai Financial Services Authority (DFSA) earlier this year.
Since that time, the company has also
formed partnerships with Zand Bank and Mamo, which further strengthens its foothold in the area. Moreover, the DFSA has recently approved Ripple’s
RLUSD stablecoin for operations inside the Dubai International Financial Centre (DIFC).