Ripple critics have often accused the company of using XRP merely as a fundraising tool, dumping the token to enrich itself while offering little real-world utility in return.
However, a significant new development out of Dubai is turning that narrative upside down. The Dubai Land Department (DLD), in collaboration with tokenization platform Ctrl Alt, has officially launched a government-backed real estate tokenization initiative on the XRP Ledger (XRPL). This landmark project represents a historic first in the Middle East, where firms are employing a public blockchain to tokenize property title deeds, paving the way for innovative property ownership models.
The initiative allows for fractional ownership of real estate, fully compliant with local laws, thanks to its direct integration with Dubai’s traditional property registration systems. This modern approach to property investment is set to disrupt the conventional buying process, providing a level of accessibility that has previously been lacking in the real estate market.
PRYPCO Mint, the platform backing this initiative, is already operational, enabling entry points for investments as low as AED 2,000 (approximately $545). This significant reduction in the capital required to invest in real estate is designed to broaden participation in an asset class that has traditionally been accessible only to wealthier individuals.
According to the project announcement, the initiative has the potential to drive a market valued at $16 billion by the year 2033, which would account for about 7% of Dubai’s total real estate transaction volume. This ambitious goal underscores the project’s potential to fundamentally transform the real estate landscape in one of the world’s most dynamic economies.
“Ripple Just Dumps XRP”? Analyst Fires Back
The news has garnered significant attention within the XRP community, prompting responses from analysts like @CryptoInsightUK. They highlighted that Ripple is the only crypto company to hold a complete cryptocurrency payments license in the UAE, which they achieved in March this year. Following a meeting with prominent UAE leaders, Ripple is poised to utilize this newfound momentum to further integrate its blockchain technology into various sectors.
In response to the launch, CryptoInsightUK emphasized that the tokenization of land occurring on the XRPL serves as a powerful counterpoint to the notion that Ripple is merely using XRP for profit. Their argument articulates that this initiative is clear evidence of XRPL’s genuine utility in the real world, directly contradicting claims of it serving no meaningful purpose.
Tokenized Real Estate Backed by Government and VARA
Crucially, this project falls under Dubai’s Real Estate Evolution Space Initiative (REES) and aligns with the Dubai Economic Agenda (D33) and the Real Estate Sector Strategy 2033, all of which aim to propel technological advancement across key industries. Ctrl Alt’s collaboration with the DLD has ensured seamless coordination between blockchain technology and traditional property registries.
The decision to utilize the XRPL for this project highlights its long-standing reliability, low transaction fees, and decentralized infrastructure. According to Matt Ong, CEO of Ctrl Alt, this initiative democratizes real estate investment and introduces next-gen financial infrastructure while ensuring regulatory compliance—an essential factor for gaining public trust and government endorsement.
Ripple’s Growing Global Footprint
Beyond this project, Ripple has demonstrated its expanding influence by securing a full payments license in the UAE. This positions Ripple as one of the few cryptocurrency firms to enjoy such a level of regulatory clarity in the region. Coupled with the selection of the XRP Ledger for a government-backed project, this development signals a strong trend towards mainstream adoption of XRP’s underlying technology.
Interestingly, even the World Economic Forum has recognized XRPL and Ripple for their contributions. In its latest report on asset tokenization, the WEF spotlighted XRPL as the backbone for the world’s first $1 billion tokenized private equity and debt fund. This fund aims to utilize XRPL’s decentralized infrastructure to digitize traditionally illiquid assets, enhancing accessibility, liquidity, and transparency for investors.
Ripple CTO David Schwartz praised the XRPL’s speed, security, and low costs, underscoring its transformative potential in the realm of private equity. In parallel, Aurum CEO Venkat Bussa hailed the project as a monumental step forward in real-world asset tokenization, further solidifying XRPL’s status as a leader in the evolving landscape of blockchain applications.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
