Ripple has entered into a new partnership with Ctrl Alt to support the push of the Dubai Land Department (DLD) to digitize the ownership of real estate with the help of blockchain.
According to a July 16 rackThe collaboration brings Ripple’s Institutional Custody technology to the DLD’s Real Estate Tokenization Initiative, where title deeds are safely stored on the XRP whides (XRPL).
The news has had a significant impact on the XRP token, which has risen by almost 4% and is traded according to the $ 3 threshold from the moment of press CryptoSlate facts.
Ripple’s growing presence in the VAE
This marks the first time that a government agency in the middle has issued an East real estate deed on a public blockchain. The role of Ripple is to guarantee a safe and scalable guardianship infrastructure, while Ctrl Alt offers local version and support.
For Ripple this is the first major guardianship agreement in the VAE and part of its wider push over the region.
Reece Merrick, director of Ripple for the Middle East and Africa, said:
“The immovableization project of the Dubai Land Department is a perfect example of the type of progressive, innovative initiative that positions Dubai in the heart of the global digital asset industry … That the Dld has chosen the XRPL for this and strengthens the XRPL’s Credentions as the Blockchain for serious financial users’ cases.”
The project has already launched a pilot phase in collaboration with Ripple, Ctrl Alt and Dubai’s virtual assets Regulatory Authority. It is part of a greater effort to digitize urban services and to expand blockchain -use cases in real estate, finances and public services.
This deal builds on Ripple’s growing momentum in the VAE, especially after he has become the first blockchain payment provider that was licenseed by the Dubai Financial Services Authority (DFSA) earlier this year.
Since then, the company has also been working with Zand Bank and Mamo to further strengthen its presence in the region. In addition, the DFSA recently approved its RLUSD -Stablecoin for use within the Dubai International Financial Center (DIFC).
