Ripple has expanded his institutional custody services to the Middle East and is working with UAE-based tokenization platform CTRL everything to support Dubai’s government-led property digitization initiative.
The deal, which was announced on Tuesday, will see CTRL everything use Ripple’s custody infrastructure to store tokenized property rights issued by Dubai Land Department (DLD) at XRP Ledger (XRPL).
Ripple’s technology supports the secure storage and life cycle control of fractional property titles that form a key component of CTRL Alt’s end-to-end infrastructure for assetokenization.
CTRL Everything recently became the first VASP in Dubai, which was authorized to offer issuer-related services under Virtual Assets Regulatory Authority (Vara) that ties Token Issuing directly to custody.
The move comes in the midst of growing momentum for cryptocurrencies in Dubai. Ripple got a license from Dubai Financial Services Authority (DFSA) earlier this year and has since launched partnerships with Zand Bank and Mamo and secured approval of its RLUSD stableecoin within the Dubai International Financial Center (DIFC).
