The Dubai Land Department has selected XRP Ledger as the blockchain infrastructure for a real estate tokenization project, which opens up more use cases for XRP.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
The Dubai Land Department (DLD) has decided to utilize the XRP Ledger XRP $2.22 24h volatility: 0.8% Market cap: $129.99 B Vol. 24h: $2.17 B as the blockchain infrastructure for its inaugural Real Estate Tokenization Project.
Part of the Real Estate Evolution Space Initiative (REES), the project is set to introduce new use cases for the Ripple-associated XRP.
The digital asset infrastructure platform Ctrl Alt was announced as the tokenization partner for DLD, responsible for pioneering the real estate project. The firm also confirmed its official launch with the Virtual Assets Regulatory Authority (VARA), the Dubai Future Foundation, and Prypco.
The announcement signifies a major step toward asset tokenization and future property investment in the Emirates. This is the first time a government property registration authority in the Middle East has chosen a public blockchain for title deed tokenization.
Ctrl Alt provides expertise in financial engineering and tokenization. The platform and DLD have already developed a secure and compliant tokenization framework that focuses on structuring, minting, and placing real estate title deed tokens on-chain.
It also facilitates the sync between traditional and digital property ledgers while making sure they align with Dubai’s existing registration systems. Beyond revolutionizing the property ownership and transfer process, this project meets regulatory standards.
The project recognizes the decade-long reliability and stability of the decentralized Layer-1 blockchain, especially in tokenizing and exchanging digital and Real-world Assets (RWAs). Based on its history, XRPL could bring technological stability to this transition.
In 2024, UK-regulated cryptocurrency exchange Archax collaborated with Ripple to tokenize abrdn’s money market fund on the XRP Ledger. Both entities had partnered to help onboard more institutional investors seeking to tokenize RWA on XRPL.
According to Markus Infanger, Senior Vice President at RippleX, “The arrival of abrdn’s money market fund on XRPL demonstrates how real-world assets are being tokenized to enhance operational efficiencies, while further reinforcing the XRPL as one of the leading blockchains for real-world asset tokenization.”
Other projects are leveraging XRPL for other purposes besides tokenization. In July 2024, Tokyo-based financial services company SBI Holdings launched Non-fungible Token (NFT) services on the XRP Ledger.
XRP Ledger developments usually improve XRP’s liquidity. As such, this Dubai tokenization project, valued at about $16 billion, may also help boost liquidity and, ultimately, XRP’s price action.
At the time of writing, XRP’s price recorded a 2.37% 24-hour increase and was traded at $2.34. Its market cap and trading volume are also on the rise, currently at $137.64 billion and $2.07 billion, respectively.
Other catalysts, such as the potential approval from the United States Securities and Exchange Commission (SEC) for XRP ETF applications in the region, could fuel a long-term positive price rally for XRP.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
