The Dubai Land Department unveiled a tokenized real estate platform based on the XRP Ledger (XRP/USD) on Sunday, as part of a government-backed effort to digitize real estate in the Emirati city. What Happened: The government agency partnered with real estate fintech company Prypco to develop the “Prypco Mint” platform, according to a press release. This platform enables investors to purchase fractional ownership in Dubai properties using local currency, with minimum investments starting at AED 2, 000 (around $545). Currently, the platform only supports transactions in dirhams and is limited to United Arab Emirates ID holders. Nevertheless, the Dubai Land Department plans to expand access globally and integrate additional platforms over time. Ctrl Alt Solutions, a provider of tokenization infrastructure, will act as the technology partner.

In a separate announcement, Ctrl Alt confirmed that the XRPL will be the blockchain foundation for the project. See Also: White House Says Gold Reserves May Be Used to Purchase Bitcoin Why It Matters: This initiative reflects Dubai’s ongoing strategy to position itself as a center for blockchain and digital asset services in the Middle East. Ripple Labs, closely connected to XRPL and XRP, has become a significant collaborator. In October last year, the Dubai Financial Services Authority granted Ripple in-principle approval to provide blockchain-enabled payment services from the Dubai International Financial Centre. Tokenization of real-world assets, especially in real estate, has gained strong momentum recently. Per Prophecy Market Insights, the real estate tokenization market was valued at $3. 8 billion in 2024 and is projected to grow to $26 billion by 2034, at a compound annual growth rate of 2. 90%. Price Action: At the time of writing, XRP was trading at $2. 29, down 2. 21% over the past 24 hours, based on data from Benzinga Pro. Read Next: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Says He Can’t Believe How ‘Easy’ Bitcoin Has Made Getting Rich: ‘Open Your Eyes And Your Mind’ Shutterstock: Eduardo Estellez