Dubai’s dream is to transform itself into a global Crypto Hub. Currently, most crypto projects are being established in Dubai, proving how serious they are about this vision.
Ripple Labs recently announced a strategic partnership with Ctrl Alt. Through this, they will have the opportunity to manage Dubai’s real estate tokenization initiative. Ripple Labs is a blockchain company based in San Francisco, USA. With this agreement, custodial services for tokenized title deeds can be provided in the UAE region.
Ripple’s Expansion
In May, Dubai launched a new real estate tokenization project. Through this initiative, investors can buy tokenized shares of high-value properties with smaller investments. As a result, investing in premium properties has become much more accessible to ordinary people.
These properties are mainly located in areas like Palm Jumeirah, Downtown, and Dubai South. Each property is divided into 1,000 to 10,000 tokens. At the same time, Dubai Land Department (DLD) decided to use the XRP Ledger (XRPL) as the blockchain ecosystem for their first real estate tokenization project.
This has created a new practical use case for Ripple’s associated currency, XRP. Ctrl Alt has been announced as the tokenization partner of DLD. Moreover, Ctrl Alt has received a license from the Virtual Assets Regulatory Authority (VARA). In July, the company confirmed its participation in this project.
It is also reported that Ctrl Alt will use Ripple’s institutional-grade digital asset custody technology to provide secure and scalable storage services for DLD’s real estate tokenization project’s tokenized title deeds.
Ripple’s Other Products
Ripple had already established a strong presence in Dubai even before starting this real estate tokenization project — something everyone can now clearly understand. In 2024, Ripple obtained in-principle approval from the Dubai Financial Services Authority (DFSA). With this license, Ripple began expanding its services legally within the Dubai International Financial Centre (DIFC). Ripple is the first company to receive such approval from DFSA to operate these services.
In June, DFSA recognized Ripple’s dollar-pegged stablecoin, RLUSD, as a legal crypto token. With this approval, Ripple can integrate its enterprise-grade stablecoin into DFSA-licensed payment solutions.
Interestingly, this move will also inspire other countries to consider similar integrations. As a result, the acceptance of RLUSD and XRP may increase rapidly, further accelerating the global integration of cryptocurrencies.
Many of you might already know that RLUSD has been listed on the world’s leading crypto exchanges, such as Bitget, Gemini, Kraken, and Bitstamp. Overall, these initiatives strongly support Dubai’s vision of becoming a global digital asset hub.
Conclusion
Crypto projects centered around Dubai are gradually moving towards regulation. Dubai has already created many opportunities and facilities for the crypto industry. Ripple’s recent steps clearly show that Dubai has made significant progress toward realizing its dream.
