Ripple Expands Institutional Custody Services to Support Real Estate Digitization in Dubai
Ripple, a leading blockchain technology company, has announced its expansion of institutional custody services into the Middle East through a partnership with UAE-based tokenization platform Ctrl Alt. This partnership aims to support Dubai’s government-led initiative to digitize real estate assets in the region.
The collaboration, revealed on Tuesday, will involve Ctrl Alt leveraging Ripple’s custody infrastructure to securely store tokenized property title deeds issued by the Dubai Land Department (DLD) on the XRP Ledger (XRPL). Ripple’s technology will play a crucial role in ensuring the safe storage and lifecycle management of fractionalized real estate titles, which are integral to Ctrl Alt’s comprehensive asset tokenization infrastructure.
Ctrl Alt recently achieved a significant milestone by becoming the first Virtual Asset Service Provider (VASP) in Dubai authorized to offer issuer-related services under the Virtual Assets Regulatory Authority (VARA). This authorization allows Ctrl Alt to directly link token issuance with on-chain custody, strengthening the security and transparency of the entire tokenization process.
The decision to expand into the Middle East comes at a time when Dubai is witnessing a surge in cryptocurrency adoption and blockchain innovation. Earlier this year, Ripple obtained a license from the Dubai Financial Services Authority (DFSA) and has since established partnerships with Zand Bank and Mamo. Additionally, Ripple has received approval for its RLUSD stablecoin within the Dubai International Financial Centre (DIFC), further solidifying its presence in the region.
Overall, the collaboration between Ripple and Ctrl Alt signifies a significant step towards the digitization of real estate assets in Dubai, showcasing the potential of blockchain technology to revolutionize traditional industries and drive innovation in the Middle East.