There is a noteworthy XRP detail in Dubai's new real estate tokenization plan!

robot
Abstract generation in progress

Dubai, one of the leading cities of the United Arab Emirates, announced its first tokenized real estate platform, taking a new step in the real estate sector.

This initiative launched by the Dubai Land Department (DLD) stands out as part of a government-backed program aimed at digitizing approximately $16 billion worth of real estate assets by 2033.

The platform called "Prypco Mint" was developed in collaboration with the real estate fintech company Prypco. The platform offers investors the opportunity for fractional ownership of properties in Dubai with a low minimum investment amount of 2,000 dirhams, approximately 540 dollars. Currently, the system only allows investment in dirhams by holders of United Arab Emirates identity cards, but it is planned to open up for global access in the future and to be integrated with different platforms.

The technological infrastructure of the project is provided by the tokenization expert Ctrl Alt. Ctrl Alt has established a synchronized structure with the state's official registration systems by directly transferring real estate title records to the XRP Ledger blockchain network. Thus, the titles are kept simultaneously in both traditional registration systems and on the blockchain.

In the project where Zand Digital Bank serves as the banking partner, the regulatory support is provided by the UAE Central Bank, Dubai Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation's "Real Estate Sandbox" program.

DLD predicts that real estate transactions conducted through tokenization could reach 7% of the total market by 2033, which is approximately 16 billion dollars.

XRP0.84%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)