Ripple collaborates with Dubai to achieve real estate tokenization on the XRP Ledger

Ripple announced a partnership with Ctrl Alt to assist the Dubai Land Department (DLD) in digitizing real estate ownership through blockchain technology.

According to an announcement released on July 16, the project will securely store property ownership certificates on the XRP Ledger (XRPL), with Ripple providing institutional-grade custody infrastructure and Ctrl Alt responsible for local execution.

This marks the first time a government in the Middle East has issued real estate ownership certificates on a public blockchain. Following this news, the price of XRP rose nearly 4%, approaching the $3 mark (Source: CryptoSlate).

The project is currently in a pilot phase, jointly promoted by Ripple, Ctrl Alt, and the Dubai Virtual Assets Regulatory Authority (VARA), aiming to drive the application of blockchain in real estate, finance, and public services.

This collaboration is also an important step in Ripple's ongoing expansion in the UAE. Previously, Ripple obtained a license from the Dubai Financial Services Authority (DFSA) and established partnerships with Zand Bank and Mamo. Ripple's stablecoin RLUSD has also been approved for use within the Dubai International Financial Centre (DIFC).

Source: https://ripple.com/ripple-press/ripple-expands-global-custody-footprint-into-middle-east-with-ctrl-alt/