Odaily Planet Daily News: The Dubai Land Department (DLD) has collaborated with real estate fintech company Prypco and infrastructure provider Ctrl Alt to launch the first real estate tokenization platform, Prypco Mint. This platform will tokenize property ownership contracts and synchronize with official real estate records, deployed on the XRP Ledger blockchain. This initiative is part of a government-supported project, expected to tokenize 7% of the Dubai real estate market by 2033, amounting to 16 billion USD. The platform currently only supports transactions in UAE Dirhams and is limited to UAE ID holders, with plans to expand global access in the future. Zand Digital Bank serves as its banking partner, with regulation overseen by the Central Bank of the UAE, the Dubai Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation's real estate sandbox.
Dubai Land Department Launches Real Estate Tokenization Platform Prypco Mint Based on XRP Ledger
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