Dubai Launches Real Estate Tokenization Platform via XRP Ledger for $16 Billion Initiative
The new platform empowers investors to acquire fractional shares in Dubai's property sector through tokenized title deeds on the XRP Ledger.
Overview
The Dubai Land Department (DLD) has rolled out its inaugural real estate tokenization platform, a project that aims to digitize approximately $16 billion of real estate by 2033. The platform, named Prypco Mint, facilitates fractional ownership investments in Dubai properties through title deeds tokenized on the XRP Ledger.
Key Features
- The Prypco Mint platform is developed in collaboration with Prypco, a real estate fintech company, and Ctrl Alt, an infrastructure provider.
- Investors can start purchasing fractions of Dubai properties with a minimum amount of 2,000 dirhams (around $540).
Future Plans
Initially, the platform supports local currency transactions and is limited to UAE residents, although there are plans to expand access internationally.
Technology and Compliance
The technical framework is built on the XRP Ledger, enabling the synchronization of blockchain records with traditional government real estate registries. This initiative is overseen by various regulatory bodies, including the UAE Central Bank and the Dubai Virtual Assets Regulatory Authority (VARA).
Conclusion
This move signifies Dubai’s commitment to integrating technology within its flourishing real estate market, which could redefine ownership dynamics in the coming years.
