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Ripple and Ctrl Alt Tokenize Real Estate in Dubai Using XRPL
In a groundbreaking move, Ripple has partnered with Ctrl Alt to tokenize real estate in Dubai using the XRP Ledger. This pioneering initiative marks a significant milestone in the integration of blockchain technology into government property registration systems across the Middle East.
As part of the Real Estate Evolution Space pilot project, Ripple Custody will provide scalable and secure storage for the Dubai Land Department’s tokenized real estate title deeds on the XRP Ledger. The partnership enables fractional ownership, transparency, and increased market accessibility.
According to industry estimates, the global real-world asset tokenization market may reach a staggering USD 16 trillion in the next decade. This collaboration paves the way for the widespread adoption of blockchain technology by governments and institutions, allowing for the secure representation of assets.
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, highlighted the significance of this project, stating that it will place Dubai at the forefront of digital asset adoption.
Ctrl Alt will integrate Ripple’s custody infrastructure with the token issuance process, ensuring that property tokens issued by DLD are stored securely and managed in accordance with strict operational protocols.
The pilot project aims to digitize an enormous AED 60 billion (approximately USD 16 billion) worth of real estate assets by 2033.
Source: cryptotale.org
