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>>Dubai leads real estate tokenization on the XRP ledger as the token's value rises by 2%.

Dubai leads real estate tokenization on the XRP ledger as the token's value rises by 2%.

crypthub

about 17 hours ago

DLD Launches Blockchain Platform

The Dubai Land Department (DLD) introduced a blockchain-based platform, secured by Ripple Custody and XRP Ledger, to tokenize real estate. XRP’s price rose 2% following the announcement. The initiative, part of Prypco Mint, aims to digitize $16 billion in Dubai real estate by 2033. Initially, the platform will restrict transactions to UAE residents using AED, with fractional ownership starting at 2,000 dirhams.

Tokenization Progress and Partnerships

The project’s first phase saw $5 million in Dubai properties tokenized, with 7.8 million fractional ownership tokens sold out in under two minutes. Ctrl Alt, a London-based firm, will manage secondary-market transfers using Asset-Referenced Virtual Asset tokens. The initiative aligns with partnerships like DarGlobal and World Liberty Financial’s plans for a Trump-branded resort in the Maldives.

Regulatory and Infrastructure Support

Zand Digital Bank partners with DLD, while the UAE Central Bank and Dubai Virtual Assets Regulatory Authority (VARA) oversee the project. The Dubai Future Foundation’s PropTech Sandbox will test and scale real estate technologies. XRPL was selected for its speed, low fees, and compliance with local regulations. Ripple’s infrastructure investments, including OpenEden and Abrdn, have boosted XRPL tokenization by over 2,200%.