Dubai Land Department Launches Tokenized Real Estate Initiative on XRP Ledger
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Dubai Land Department Launches Tokenized Real Estate Initiative on XRP Ledger
Ctrl Alt has officially launched its tokenization partnership with the Dubai Land Department (DLD) for the Real Estate Tokenization Project, marking an advancement in property investment within the Emirate. This initiative, developed in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation, utilizes the XRP Ledger to create a secure and compliant framework for tokenizing real estate title deeds. By enabling fractional ownership, the project allows multiple investors to co-own properties with a minimum investment of AED 2,000 through the PRYPCO Mint platform.
The DLD’s implementation of blockchain technology for property registration aims to enhance transparency and operational efficiency in the real estate market. The initiative is projected to contribute to a tokenized real estate market worth AED 60 billion ($16 billion) by 2033, aligning with Dubai’s Real Estate Sector Strategy 2033 and broader economic goals.
Matt Ong, CEO of Ctrl Alt, expressed enthusiasm for the project, highlighting its potential to broaden investor participation and modernize the real estate sector.
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