Dubai government selects Ripple as custodian for real estate tokenization
The post Dubai government selects Ripple as custodian for real estate tokenization appeared on BitcoinEthereumNews.com. Ripple has partnered with Ctrl Alt, a real estate tokenization infrastructure platform that is being used by the Dubai Land Department, to provide its custody technology. The partnership will support the real estate tokenization project using Prypco Mint platform. Ripple will offer scalable and secure storage for Dubai’s tokenized real estate title deeds, which are being issued on the XRP Ledger (XRPL). Ctrl Alt will be Ripple’s first major token custody partner in the UAE which also includes clients across Europe, Africa, Asia Pacific and Latin America. Reece Merrick, Managing Director for Ripple in Middle East and Africa noted that this is a perfect example of innovative forward thinking positioning that puts Dubai at the heart of the global digital asset industry. He adds, “This is the first time a government real estate registration authority in the Middle East has tokenized property title deeds on a public blockchain. That the DLD has chosen the XRPL for this is really exciting and reinforces the XRPL’s credentials as the blockchain of choice for serious financial use cases.” Ctrl Alt recently secured its VASP license from VARA, making it the first VASP authorized entity to conduct issuer-related services. Matt Ong CEO and Founder of Ctrl Alt added that it made perfect sense to partner with Ripple to use their custody technology. He stated, “Partnering with Ripple allows us to leverage proven and trusted technology that meets the highest security and operational standards.” Dubai has tokenized over three properties so far Less than a month after the first tokenized property was sold out, PRYPCO Mint, the joint initiative between the Dubai Land Department (DLD) and PRYPCO licensed by the Virtual Assets Regulatory Authority (VARA), offered second tokenized property listing which sold out in less than two minutes. The property at Kensington Waters was worth…
The post Dubai government selects Ripple as custodian for real estate tokenization appeared on BitcoinEthereumNews.com.
Ripple has partnered with Ctrl Alt, a real estate tokenization infrastructure platform that is being used by the Dubai Land Department, to provide its custody technology. The partnership will support the real estate tokenization project using Prypco Mint platform. Ripple will offer scalable and secure storage for Dubai’s tokenized real estate title deeds, which are being issued on the XRP Ledger (XRPL). Ctrl Alt will be Ripple’s first major token custody partner in the UAE which also includes clients across Europe, Africa, Asia Pacific and Latin America. Reece Merrick, Managing Director for Ripple in Middle East and Africa noted that this is a perfect example of innovative forward thinking positioning that puts Dubai at the heart of the global digital asset industry. He adds, “This is the first time a government real estate registration authority in the Middle East has tokenized property title deeds on a public blockchain. That the DLD has chosen the XRPL for this is really exciting and reinforces the XRPL’s credentials as the blockchain of choice for serious financial use cases.” Ctrl Alt recently secured its VASP license from VARA, making it the first VASP authorized entity to conduct issuer-related services. Matt Ong CEO and Founder of Ctrl Alt added that it made perfect sense to partner with Ripple to use their custody technology. He stated, “Partnering with Ripple allows us to leverage proven and trusted technology that meets the highest security and operational standards.” Dubai has tokenized over three properties so far Less than a month after the first tokenized property was sold out, PRYPCO Mint, the joint initiative between the Dubai Land Department (DLD) and PRYPCO licensed by the Virtual Assets Regulatory Authority (VARA), offered second tokenized property listing which sold out in less than two minutes. The property at Kensington Waters was worth…
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