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Ripple, a prominent player in the digital asset infrastructure sector for financial entities, has forged a strategic alliance with Ctrl Alt, a platform based in the UAE that specializes in tokenisation infrastructure. This collaboration will enable Ctrl Alt to implement Ripple’s advanced digital asset custody technology to assist the Dubai Land Department (DLD) in its groundbreaking Real Estate Tokenisation Project.
As part of this initiative, the property title deeds in Dubai will be tokenized and recorded on the XRP Ledger (XRPL), leveraging Ripple’s custody solution for secure and scalable storage of these digital assets.
Having revealed its participation in the DLD project last month, Ctrl Alt is Ripple’s initial significant custody partner in the UAE, marking a notable step that showcases the increasing demand for compliant digital asset solutions in the region. Ripple’s global custody network now extends to clients across EMEA, APAC, and Latin America.
Reece Merrick, managing director for the Middle East and Africa at Ripple, commented, “The Dubai Land Department’s Real Estate Tokenisation Project represents an innovative initiative that is positioning Dubai as a key player in the global digital asset landscape. This is a pioneering endeavor, as it marks the first time a government entity in the Middle East has tokenized property title deeds on a public blockchain. The decision of the DLD to utilize the XRPL is exciting, underscoring its suitability for significant financial applications. We are thrilled that Ctrl Alt has opted for our institutional-grade digital asset custody technology for this project.”
Ctrl Alt has recently achieved the status of the first licensed Virtual Asset Service Provider (VASP) in Dubai for issuer-related services by the Virtual Assets Regulatory Authority (VARA). This licensure empowers Ctrl Alt to manage the entire tokenisation workflow, including issuance, custody, on-chain settlement, and asset lifecycle management, all while adhering to compliance standards.
Matt Ong, CEO and founder of Ctrl Alt, stated, “As the tokenisation infrastructure provider for the DLD Project, Ctrl Alt possesses significant expertise in financial engineering and digital asset infrastructure, making our partnership with Ripple a logical choice. This collaboration allows us to utilize trusted technology that meets stringent security and operational benchmarks. We are eager to team up with Ripple to broaden the reach of Dubai real estate investment opportunities.”
Digital Real Estate Transformation
The DLD’s tokenisation initiative marks a significant advancement in digital real estate transformation. By facilitating fractional ownership of property, this project enhances investor participation, fostering a more inclusive, transparent, and efficient real estate market. It also aligns with Dubai’s vision to sustain its status as a global center for innovation by integrating cutting-edge blockchain technology.
Ripple has been making remarkable progress in the UAE, having secured its position as the first blockchain-enabled payment provider licensed by the Dubai Financial Services Authority (DFSA) earlier this year. Following this achievement, it has formed partnerships with entities such as Zand Bank — another participant in the DLD tokenisation project — and Mamo, which is utilizing Ripple’s blockchain for cross-border transactions.
In June, Ripple’s RLUSD stablecoin received approval from the DFSA for operations within the Dubai International Financial Centre (DIFC), further enriching the company’s compliance and product offerings in the region.
With over 60 regulatory licenses and a decade of expertise in the digital asset arena, Ripple is increasingly acknowledged for delivering robust and compliant infrastructure for the storage, exchange, and transfer of digital assets, solidifying its position as a reliable partner for tokenisation initiatives globally.