The news has had a significant impact on the XRP token, which is up by nearly 4% and is trading near the $3 threshold as of press time, according to CryptoSlate data.
This marks the first time a government body in the Middle East has issued real estate deeds on a public blockchain. Ripple’s role is to ensure secure and scalable custody infrastructure, while Ctrl Alt provides local execution and support.
For Ripple, this is its first major custody deal in the UAE and part of its broader push across the region.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said:
“The Dubai Land Department’s Real Estate Tokenization Project is a perfect example of the type of forward-thinking, innovative initiative that is positioning Dubai at the heart of the global digital asset industry…That the DLD has chosen the XRPL for this is really exciting and reinforces the XRPL’s credentials as the blockchain of choice for serious financial use cases.”
The project has already launched a pilot phase in partnership with Ripple, Ctrl Alt, and Dubai’s Virtual Assets Regulatory Authority. It’s part of a larger effort to digitize city services and expand blockchain use cases in real estate, finance, and public services.
This deal builds on Ripple’s growing momentum in the UAE, particularly after becoming the first blockchain payments provider licensed by the Dubai Financial Services Authority (DFSA) earlier this year.
