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Ripple and Ctrl Alt Launch Tokenized Real Estate in Dubai Using XRP Ledger
In a groundbreaking move, Ripple has partnered with Ctrl Alt to bring tokenized real estate to Dubai’s booming market. This innovative endeavor utilizes the XRP Ledger, marking a significant milestone in the integration of blockchain technology into the traditional real estate sector.
Dubai’s real estate industry is set for a major transformation, as the city becomes one of the first in the world to launch a government-backed tokenized real estate registry on the XRP Ledger. This revolutionary move paves the way for unprecedented accessibility and transparency in property investment, allowing both retail and institutional investors to enter the market with ease.
The tokenization process will be managed by Ctrl Alt, which has recently received a Virtual Assets Regulatory Authority (VARA) license. This critical approval ensures that the entire process is regulated, secure, and transparent, giving stakeholders peace of mind as they invest in Dubai’s thriving real estate market.
The partnership between Ripple and Ctrl Alt has already yielded impressive results. A Dh1.75M villa was sold within a mere five minutes, while a Kensington Waters apartment was listed for AED 1.5M. These fast-tracked deals demonstrate the efficacy of tokenized real estate investment, proving that this concept is no longer just an idea, but a tangible reality.
Dubai’s new initiative offers numerous benefits to investors, including fractional ownership, where individuals can invest in a portion of a property rather than having to purchase the entire asset. The platform, backed by Ripple’s secure custody technology, ensures seamless transactions and allows for entry-level investments starting at just AED 2,000 (~$545).
Moreover, this innovative model will provide global investors with unprecedented liquidity and access to Dubai’s real estate market, thereby expanding its reach and potential.
As a result of these developments, Ripple is strengthening its presence in the UAE, having recently secured a license from the Dubai Financial Services Authority (DFSA) and approved RLUSD stablecoin for use in Dubai’s financial center. The company has also forged partnerships with Zand Bank and Mamo for cross-border blockchain payments.
Ripple’s role in this collaboration involves providing secure storage for these digital deeds through its trusted custody technology, thereby guaranteeing the integrity of transactions and investor confidence.
The launch of tokenized real estate on the XRP Ledger is a significant testament to Ripple’s commitment to promoting decentralized and transparent financial systems.
Source: coinpedia.org
