R
ipple has partnered with Ctrl Alt, a tokenization infrastructure platform, to support the Dubai Land Department's Real Estate Tokenization Project. The collaboration will see Ctrl Alt utilize Ripple's digital asset custody technology to store Dubai's tokenized real estate title deeds on the XRP Ledger (XRPL).

    This partnership marks a significant milestone for the Middle East, as it is the first time a government real estate registration authority has tokenized property title deeds on a public blockchain. The project enables "fractional ownership" of real estate, allowing multiple investors to co-own a property.

    Ctrl Alt recently received its virtual asset service provider (VASP) license from Dubai, making it the first such provider authorized to conduct Issuer-related services. This regulatory milestone connects token issuance with custody of real-world assets, enabling a compliant tokenization process.

    The project aims to create a more accessible and efficient real estate market in Dubai, leveraging the benefits of blockchain technology. Ripple's managing director for the Middle East and Africa, Reece Merrick, said: "This is really exciting and reinforces the XRPL's credentials as the blockchain of choice for serious financial use cases."

    Tokenization is also gaining traction in payment security, with companies recognizing its key role in allowing seamless digital payments. As Valeri Vanourek, vice president of digital products at Discover Network, noted: "The benefits of tokenization haven't changed... but those who decide to invest in tokenization for their payment architecture could be best positioned to flourish in the next wave of digital commerce."