XRP Reaches New Achievement as Dubai Integrates $16 Billion Real Estate Firm into Blockchain – Insights Inside
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XRP has reached a significant achievement with the announcement of a $16 billion real estate tokenization initiative by the Dubai Land Department on the XRP Ledger. This development is seen as a potential trigger for an increase in XRP’s value.
XRP Hits New Milestone With Dubai Land Department Initiative
In a statement, Ctrl Alt disclosed its collaboration with the Dubai Land Department (DLD) to establish a secure and compliant framework for tokenizing real estate. The focus of the project lies in structuring, minting, and digitizing property deeds on the blockchain. The statement also confirmed that the XRP Ledger has been selected for this project, marking a significant accomplishment for the XRP ecosystem.
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Ctrl Alt emphasized that the XRP Ledger is a decentralized layer-1 blockchain that has gained a reputation for its reliability and stability over the past decade, particularly in the digitization and trading of both digital and tangible assets. This initiative is expected to bolster the network’s functionality and, in turn, heighten the demand for XRP.
A Ripple Executive, Reece Merrick, remarked on the potential of this development, highlighting that the Dubai Land Department anticipates a $16 billion tokenized real estate market by 2033. This projection represents 7% of overall property transactions that are expected to be handled via the XRP Ledger.
Pro-XRP attorney John Deaton also shared his perspective on this significant milestone. He noted in a social media post that many overlook the fact that the XRP Ledger, established in 2012, hosts the world’s first decentralized exchange (DEX), specifically designed for real-world asset tokenization, such as real estate, which makes it an ideal choice for the DLD.
Crypto analyst Cryptoinsight has underscored the bullish implications of this milestone for XRP’s price, suggesting it may be a catalyst for a surge toward $12, establishing a new all-time high for the altcoin.
Additional Recent Achievements for XRP and the XRP Ledger
In recent days, XRP has celebrated several more milestones. The Braza Group in Brazil announced the upcoming launch of its USD-backed stablecoin, USDB, on the XRP Ledger. This will provide both individuals and institutions a smooth and secure mechanism for cross-border value transfer. It’s noteworthy that Braza had previously introduced the BBRL, a Real-backed stablecoin, on the XRP Ledger earlier in the year.
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Additionally, Schuman Financial’s EURØP became the first MiCA-compliant euro stablecoin on the XRP Ledger last week. Ripple highlighted that this marks a crucial step toward the adoption of compliant stablecoins, facilitating payments, tokenization of real-world assets, and on-chain finance within the European market. Mayukha Vadari, a software engineer at Ripple, has also hinted at exciting new features coming to the XRP Ledger soon.
At present, XRP is trading around $2.30, reflecting an increase over the past 24 hours, according to market data.
Featured image from Getty Images.
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