Dubai Launches Real Estate Tokenization Platform on XRP Ledger

TL;DR

• The Dubai Land Department has launched a tokenized real estate platform on the XRP Ledger.

• The government agency aims to tokenize 7%, or $16 billion, of Dubai’s real estate market by 2033.

Dubai Unveils First Real Estate Tokenization Platform on XRP Ledger

The Dubai Land Department (DLD), a government agency for the real estate industry, has unveiled its first tokenized real estate platform. This latest development signifies a government-backed effort that could see $16 billion worth of real estate digitized by 2033.

In a press release over the weekend, the agency revealed that the platform, called Prypco Mint, was developed in partnership with real estate fintech firm Prypco. The platform allows investors to buy fractional ownership in Dubai properties using local currency starting at 2,000 dirhams, or about $540.

The platform, launched on the XRP Ledger, will initially support only dirham transactions and be available to United Arab Emirates ID cardholders. However, the agency intends to expand access globally soon and integrate more platforms later.

DLD revealed that Zand Digital Bank is the banking partner, while regulatory oversight comes from the UAE Central Bank, Dubai’s Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation through its Real Estate Sandbox.

Ctrl Alt’s infrastructure is the technical backbone of the platform. It chose the XRP Ledger blockchain to place property title deeds on. According to the company, the blockchain is directly integrated with DLD’s systems to ensure that records stay in sync with traditional government real estate ledgers.

Dubai is fast becoming one of the leading crypto cities in the world. By 2033, the DLD intends to tokenize around 7%, roughly $16 billion, of the city's total property transactions.