San Francisco-based blockchain company Ripple has joined forces with tokenization infrastructure company Ctrl Alt in order to offer custodial services for tokenized title deeds in Dubai.
In May, Dubai launched the very first tokenized real estate initiative, making it possible for investors to buy tokenized shares of high-value properties in Dubai. The initiative significantly lowers the barriers to entry with an investment of less than $600.
The list of available properties includes real estate in Downtown, Palm Jumeirah and Dubai South, with each offering being split into 1,000-10,000 tokens.
Ctrl Alt recently obtained a license from VARA (Dubai’s Virtual Asset Regulatory Authority) to issue and manage tokenized assets. The firm confirmed its involvement in the tokenization project in July.
Notably, Ctrl Alt has become Ripple’s first custody client in the MENA (Middle East and North Africa) region.
Ripple’s strong presence in Dubai
Ripple, which has long focused on its expansion in the MENA region, has long boasted a rather strong presence in Dubai.
The company opened a regional headquarters in the MENA region in the Dubai International Financial Centre (DIFC) in 2020.
XRP was recognized as a virtual asset by the DIFC in November 2023, securing a key regulatory win in the region that accounts for roughly 20% of Ripple’s customer base.
As reported by U.Today, the company recently secured key approval in Dubai for its flagship RLUSD stablecoin.
Source: https://u.today/ripple-makes-major-move-in-dubais-real-estate-market
