Ripple has expanded institutional conservation services in the Middle East, working on the UAE-based tokenization platform Ctrl Alt to support the real estate-led initiative led by the Dubai government.
The deal, announced on Tuesday.
Ripple’s technology will support the safe storage and management of the lifecycle of the fractionalized real estate titles, forming a key element of Ctrl Alt’s end-to-end infrastructure for asset tokenization.
The Ctrl Alt recently became the first Vasp in Dubai who was authorized to offer services related to the Provider under the Virtual Assets Regulatory Authority (VARA), which tied the token Issuance directly to on-chain.
The move came in the middle of growing momentum for cryptocurrencies in Dubai. The Ripple was granted a Dubai Financial Services Authority (DFSA) license earlier this year and since the collaboration with Zand Bank and Mamo, and has gained approved for RLUSD Stablecoin inside the Dubai International Financial Center (DIFC).
