Ripple, a firm that provides digital asset infrastructure for financial institutions, has today announced a partnership with Ctrl Alt, a tokenization infrastructure platform.
The partnership sees Ctrl Alt using Ripple’s institutional-grade digital asset custody technology to “support the Dubai Land Department’s (DLD) Real Estate Tokenization Project by delivering scalable and secure storage for Dubai’s tokenized real estate title deeds, which are being issued on the XRP Ledger (XRPL).”
Ctrl Alt, which announced its involvement in the DLD project last month, becomes Ripple’s first major custody partner in the UAE, “underscoring the growing demand for secure, compliant digital asset infrastructure in the region.”
Ripple’s expanding global custody network now “includes clients across Europe, the Middle East and Latin America.”
Ctrl Alt recently secured its VASP license from VARA, “becoming the first VASP authorized to conduct Issuer-related services.”
This regulatory milestone formally connects token issuance “with custody of real-world assets, enabling a compliant tokenization process, from asset issuance to secure custody, on-chain settlement and lifecycle management.”
The DLD Real Estate Tokenization Project is said to represent “a significant milestone for asset tokenization and property investment in Dubai.”
By using tokenization for title deeds they will be able to have multiple investors to co-own a single property.”
Ripple states that it is the first blockchain-enabled payments provider to be licensed by the Dubai Financial Services Authority (DFSA) earlier this year.”
In addition to the partnership with Zand Bank, which is partnering with the DLD project, and Mamo, who will utilize Ripple’s blockchain-enabled cross-border payments solution, Ripple’s stablecoin RLUSD was “approved as a recognised crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC).”