XRP Ledger Selected for $16 Billion Dubai Real Estate Tokenization Project
The Dubai Land Department (DLD) will use the XRP Ledger for its first Real Estate Tokenization Project, part of the Real Estate Evolution Space Initiative (REES). This marks a significant move towards asset tokenization in the Middle East.
Partnership Details
- Ctrl Alt is the tokenization partner, collaborating with VARA, Dubai Future Foundation, and Prypco.
- They have developed a compliant framework for minting real estate title deed tokens on-chain.
- The project aligns traditional and digital property ledgers with Dubai’s registration systems.
XRP Ledger's Role
- Recognized for its reliability in tokenizing digital and Real-world Assets (RWAs).
- UK exchange Archax plans to tokenize abrdn’s money market fund using XRPL.
- SBI Holdings launched NFT services on XRPL in July 2024.
Market Impact
- The Dubai project is valued at approximately $16 billion and may enhance XRP liquidity.
- XRP price increased by 2.37% in 24 hours, trading at $2.34, with a market cap of $137.64 billion.
- Approval of XRP ETF applications by the SEC could further boost prices.