Dubai pioneers tokenizing real estate on XRP Ledger, ushering in a new era of digital investment
Dubai continues to strengthen its position as a global financial innovation hub with an ambitious new initiative: tokenizing real estate assets on the blockchain. This groundbreaking project is a collaboration between Ctrl Alt and the Dubai Land Department (DLD), under the supervision of the Dubai Virtual Assets Authority (VARA) and the Dubai Future Foundation.
The initiative aims to tokenize real estate ownership certificates using the XRP Ledger – a scalable, low-cost, and environmentally friendly public blockchain platform. This is the first time a government agency in the Middle East has used distributed ledger technology to officially digitize physical assets, creating a decentralized, transparent, and accessible real estate ecosystem.
Through the PRYPCO Mint platform, individual investors can own a fractional share of real estate assets for as little as AED 2,000 (approximately USD 540). This fractional ownership not only reduces the barrier to entry but also opens up investment opportunities for both local and global investors. Tokenization also allows for fast, secure, and fully compliant asset transactions.
“We are excited to enable more investors to access the traditionally expensive and traditional real estate sector,” said Matt Ong, CEO of Ctrl Alt. “Using the XRP Ledger provides a robust, reliable technology solution to modernize and democratize real estate investing.”
The initiative is expected to contribute significantly to Dubai’s ambition to become a global digital real estate hub, in line with the Dubai Real Estate Strategy 2033 vision. Analysts estimate that Dubai’s tokenized real estate market could reach AED 60 billion (US$ 16 billion) by the end of the decade, thanks to the combined power of blockchain technology, open policies and a dynamic investment ecosystem.
The launch of the project also demonstrates the serious efforts of the authorities in building a transparent, fair and efficient real estate market, while strengthening Dubai’s position as a pioneer in digitizing physical assets through blockchain.