- Dubai begins issuing real estate title deeds on XRP Ledger via Ripple and Ctrl Alt.
- Ripple provides secure digital asset custody for DLD’s tokenized property initiative.
- Ctrl Alt gains VARA license, enabling full on-chain lifecycle for real estate tokens.
The Dubai Land Department (DLD) has begun issuing tokenized real estate title deeds on the XRP Ledger, a landmark initiative that marks the first time a government real estate authority in the Middle East has adopted a public blockchain for property records.
The government-backed project is a partnership between the DLD, the tokenization provider Ctrl Alt, and the crypto giant Ripple, which will provide institutional-grade custody for the tokenized assets. The move is designed to introduce fractional ownership of property and improve accessibility for investors.
A Partnership to Bridge Real Estate and Blockchain
The project signals a major step in Dubai’s push toward a blockchain-based property infrastructure. Under the partnership, Ctrl Alt serves as the project’s tokenization provider. The firm recently received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), which allows it to conduct these kinds of issuer-related services.
Related: Ctrl Alt Becomes First Firm in Dubai Approved by VARA for Crypto Issuer Services
According to the report, Ctrl Alt will integrate Ripple’s custody technology to deliver secure and scalable storage for the tokenized title deeds. Matt Ong, the CEO of Ctrl Alt, stated that Ripple’s custody systems would meet the high operational standards required for secure token storage.
This formal connection between asset issuance and digital custody is expected to allow for the complete on-chain lifecycle management of real estate tokens within a fully compliant framework.
Ripple’s Growing Footprint in the UAE
Ripple’s involvement in the project aligns with its broader expansion into the UAE’s digital asset sector. The partnership with Ctrl Alt serves as Ripple’s first major custody collaboration in the UAE, following similar deployments in Europe and Asia.
Reece Merrick, the Managing Director for Ripple in the Middle East and Africa, confirmed the company’s role in providing digital asset custody for the initiative.
Related: Ripple Selects BNY Mellon as Custodian for Its RLUSD Stablecoin
Ripple’s participation in the DLD project follows a series of other regulatory and institutional moves in the UAE. The company holds over 60 licenses globally, including an approval from the Dubai Financial Services Authority (DFSA), which also recognized Ripple’s RLUSD stablecoin for use in the Dubai International Financial Centre.
Ripple has also formed partnerships with local institutions such as Zand Bank and Mamo for other blockchain-enabled financial services.
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