Dubai selects XRP Ledger (XRPL) for major property venture.

The Dubai Land Department has chosen the XRP Ledger as the foundation for its innovative real estate tokenization project.

The revelation made on May 25 brings on board several new collaborators, including the Dubai Future Foundation, the real estate investment platform Prypco, and the blockchain infrastructure company Ctrl Alt.

Ctrl Alt will manage the framework for tokenization, ensuring that title deeds are securely issued and tracked on the blockchain. This integration will connect blockchain records with Dubai’s conventional property ledger, creating a cohesive data system that facilitates both digital and traditional real estate transactions.

This initiative aims to make real estate investment more accessible through fractional ownership, enabling individuals to invest in property with a minimum of AED 2,000 via the Prypco Mint platform.

Matt Ong, the CEO and Founder of Ctrl Alt, expressed,

“We are excited to develop the tokenization infrastructure that allows DLD’s partners to provide fractional real estate opportunities to investors. Dubai’s commitment to adopting cutting-edge financial technologies is truly exceptional, and this project signifies what lies ahead.”

Mahmoud AlBurai, a senior advisor at the Land Department, shared that over 3,000 investors have already expressed interest in the tokenization initiative. If expectations are met, this project could generate $16 billion in real estate activity by 2033, representing 7% of Dubai’s overall property transactions.

XRPL’s Expanding Role

Dubai’s choice strengthens XRPL’s presence in the realm of tokenized assets.

The XRPL was chosen for its rapid transaction capabilities, low fees, and its alignment with the nation’s regulatory standards.

Ripple has made significant efforts to prepare the XRPL network for broader institutional adoption. The previous year saw the company invest $10 million into tokenized US Treasury bills through OpenEden, followed by a $5 million contribution to Abrdn’s fund in Luxembourg focusing on tokenized assets.

The XRPL’s progress continued recently with the introduction of new stablecoin offerings, enhancing its appeal for both fintech companies and traditional financial organizations seeking blockchain-based settlement and custody solutions.