Ripple has announced a new partnership with Ctrl Alt to implement its institutional custody technology to securely store tokenized real estate titles. These titles, issued directly on the XRP Ledger, promise greater transparency, faster transactions, and increased liquidity in the Dubai real estate market.
Reece Merrick, CEO of Ripple for the Middle East and Africa, praised the Dubai Land Department's project as a model for other governments exploring blockchain technology. "This is the first time a real estate registry from a Middle Eastern government has fully tokenized property titles on a public blockchain," he stated, highlighting Dubai's ambition to lead innovation in digital assets.
For Ctrl Alt, this partnership comes after recent regulatory momentum, as the firm obtained a VASP license from VARA, authorizing it to provide services related to issuers. This license formally integrates the issuance, custody, and management of the asset lifecycle, an essential comprehensive framework for real estate tokenization in compliance with regulations.
The CEO and founder of Ctrl Alt, Matt Ong, noted that partnering with Ripple offers scale and credibility.
"Partnering with Ripple allows us to leverage proven and reliable technology that meets the highest standards of security and operation. We are excited to work with them and bring real estate investment opportunities in Dubai to a wider audience."
The Dubai real estate market has attracted investors from around the world, but traditional buying and selling processes are often slow and complex. The Dubai Land Department plans to simplify this by using Ctrl Alt and Ripple's technology to tokenize property titles. This shift will allow more people to share ownership of premium properties, making it easier for everyone to participate in the market.
