Ripple will provide custody service to the Dubai real estate tokenization project

By Hannah Pérez

Ripple announced an association with CTRL ALT, based in the EAU, within the framework of the tokenization project. Ripple’s custody infrastructure will be used to store tokenized property titles in XRP Ledger.

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• Ripple announced an association with CTRL ALT, based in the EAU.
• Both companies participate in the Dubai Government Property Tokenization initiative.
• Ripple’s custody infrastructure will be used to store tokenized titles in XRP Ledger.

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Ripple It is expanding its global custody footprint through a new alliance with the tokenization platform CTRL ALTbased in the United Arab Emirates, through which it will support the realization initiative led by the Dubai government.

In a press release on Wednesday, the solution supplier Blockchain announced the strategic association with CTRL ALTwhich now hopes to use the custody infrastructure of Ripple to store tokenized property titles in XRP Ledger.

The Dubai Land Department (DLD), a government agency for the real estate industry, presented in May Prypco Mintthe first real estate tokenization platform officially graduated from the Middle East and North Africa (Mena).

The initiative, which was launched in collaboration with Ripple and Ctrl Alt Solutionsalso has the support of the Central Bank of the United Arab Emirates, the Dubai Virtual Assets Regulatory Authority (Vara) and the Foundation for the future of Dubai (DFF).

Ripple provides custody in tokenization project

In addition to using XRP Ledger To launch the platform, providing a safe and compatible framework for the token of real estate titles in Dubai, the technology of Ripple Now it will also be used for custody.

In particular, the technology of Ripple It will support safe storage and life cycle management of fractional real estate titles, which constitutes a key component of end -to -end infrastructure in the tokenization process.

The agreement converts CTRL ALT In the first important custody partner of Ripple In the United Arab Emirates, the statement adds.

“This is the first time that a governmental real estate registration authority in the Middle East tokeniza property titles in a public block chain ”said Merrick, general director for the Middle East and Africa of Ripple

“The fact that the DLD has chosen XRPL for this is really exciting and reinforces the XRPL credentials as the block chain chosen for serious financial use cases. We are delighted that CTRL ALT has chosen our technology of custody of institutional digital assets to support the execution of this project.”

Cryptocurrency impulse in Dubai

Development occurs at a time when Dubai, an economic and technological epicenter of the EAU, leads an ambitious effort to position itself as a global center for cryptocurrencies and technology Blockchain.

The EAU have implemented a progressive regulatory framework for cryptocurrencies, led by entities such as the Dubai Financial Services Authority (DFSA) and Vara, established in 2022 as the first authority of the world dedicated exclusively to regulate cryptocurrencies, Exchangecustodians and other related services.

“The real estate tokenization project of the Dubai land department is a perfect example of the type of innovative initiative and with a vision of the future that is positioning Dubai in the heart of the global digital asset industry ”Merrick added.

CTRL ALT He recently became the first Vasp in Dubai authorized to offer services related to STICKlinking the emission of tokens directly to chain custody. Ripple obtained a license from the DFSA Earlier this year and since then he has launched associations with Zand Bank and Mamo. Also his stablecoin Rlusd obtained a local regulatory permit.

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Hannah Estefanía Pérez / Diariobitcoin

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