Dubai picks XRP Ledger for real estate tokenization as 3,000 investors register
The post Dubai picks XRP Ledger for real estate tokenization as 3,000 investors register appeared on BitcoinEthereumNews.com.
More than 3,000 investors have registered for Dubai’s flagship real estate tokenization program. Mahmoud AlBurai, a senior executive at the Dubai Land Department (DLD), disclosed this in a post on LinkedIn. According to AlBurai, the massive number of participants who have joined the waitlist highlights their interest in the project. The real estate tokenization project is the first in the Middle East and North Africa (MENA) region. With the pilot launched on March 16, the DLD partnered with Prypco Mint and Ctrl Alt to tokenize ownership deeds of real estate properties owned by the government. The department now plans to offer fractional ownership of these properties to investors. Presently, only holders of an Emirates Card, i.e., official residents of the United Arab Emirates, can participate in the program. Despite the eligibility limit, many investors have shown interest in the project. This is likely because several regulators are playing key roles in the actualization of the project. Beyond the DLD, the Dubai Future Foundation, Virtual Assets Regulatory Authority (VARA), and the Central Bank of UAE are also involved, giving potential investors confidence in the project. While the project remains in the early stages, DLD already has big projections. In its earlier announcement, it predicted that it could become a $16 billion market by 2033, noting the effectiveness, transparency, and accessibility that blockchain could enable for the real estate market. Dubai picks XRPL to tokenize real estate assets Interestingly, Dubai chose Ripple’s XRP Ledger as the blockchain for tokenizing the deeds. According to AlBurai, XRPL is the pilot phase network. This has led to speculations as to whether XRPL would be the only choice or if it plans to expand to other networks. For now, the choice of XRPL represents a momentous milestone for the blockchain network. While it has seen minimal…
