 
 
San Francisco-based blockchain payments firm Ripple has joined forces with UAE-based Ctrl Alt to expand its institutional custody services in the Middle East, supporting Dubai’s government-led real estate digitization efforts.
As part of the deal announced on Tuesday, Ctrl Alt will use Ripple’s secure and scalable institutional-grade custody infrastructure to store tokenized property title deeds issued by the Dubai Land Department (DLD) on the XRP Ledger (XRPL).
Ripple’s tech will underpin the storage and lifecycle management of fractionalized real estate titles, which form a key component of Ctrl Alt’s end-to-end infrastructure for asset tokenization.
The DLD, a government entity responsible for registering, organizing, and promoting Dubai real estate, revealed earlier in March that it had kicked off the pilot phase of its real-estate tokenization initiative.
Ctrl Alt, which revealed its involvement in the DLD project last month, becomes Ripple’s first major custody partner in the United Arab Emirates, highlighting the increasing demand for secure and compliant digital asset infrastructure in the region.
 
“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,” stated Reece Merrick, Managing Director, Middle East and Africa, at Ripple.
“This is the first time a government real estate registration authority in the Middle East has tokenized property title deeds on a public blockchain. 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,” Merrick continued.
Ripple’s strategic partnership with Ctrl Alt comes amid Ripple’s strengthening presence in Dubai.
Ripple secured a license from the Dubai Financial Services Authority (DFSA) earlier this year and has since established alliances with Zand Bank and Mamo. The company also received approval for its highly-regulated US dollar-backed RLUSD stablecoin, allowing it to be legally used within the Dubai International Financial Centre (DIFC).
Source: https://zycrypto.com/ripple-teams-up-with-ctrl-alt-to-custody-tokenized-dubai-real-estate-on-xrp-ledger/