Blockchain company Ripple has launched a partnership with tokenization infrastructure platform Ctrl Alt.
The collaboration, announced Wednesday (July 16) will see Ctrl Alt use Ripple’s digital asset custody technology to support the Dubai Land Department’s (DLD) Real Estate Tokenization Project by delivering storage for Dubai’s tokenized real estate title deeds, issued on Ripple’s XRP Ledger (XRPL).
“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,” said Reece Merrick, Ripple’s managing director for the Middle East and Africa.
“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.”
Ctrl Alt recently received its virtual asset service provider (VASP) license from Dubai, making it the first such provider 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 release added.
The companies say their project also marks a milestone for asset tokenization and property investment in Dubai, creating a more accessible and efficient real estate market. By tokenizing title deeds, the release said, the project allows for “fractional ownership” of real estate, letting multiple investors co-own a property.
In related news, PYMNTS wrote last week about the way tokenization is changing the way consumers and merchants think about payment security.
“Once relegated to back-end infrastructure and cybersecurity white papers, tokenization is increasingly considered table stakes,” that report said.
It’s because the protective force of tokenization is being increasingly recognized for its key role in allowing for seamless, and smart, digital payments.
“The benefits of tokenization haven’t changed. A streamlined checkout process, additional protection as part of the transaction, the account updates in the case of a cardholder’s primary account number being lost or stolen or needing to be replaced, all of those result in a frictionless and secure transaction,” Valeri Vanourek, vice president of digital products at Discover® Network, said in an interview PYMNTS.
What has changed, the report added, is that those who decide to invest in tokenization for their payment architecture could be best positioned to flourish in the next wave of digital commerce.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More
