XRP Blockchain To Power Fractional Ownership In Dubai Properties Starting At $545

The Dubai Land Department launched an XRP Ledger XRP/USD-based tokenized real estate platform on Sunday as part of a government-backed initiative to digitize real estate in the Emirati city.

What Happened: The government-run entity collaborated with real estate fintech firm Prypco to create the “Prypco Mint” platform, according to a press release. The project will allow investors to acquire fractional ownership in Dubai properties using local currency, starting at AED 2,000 (approximately $545).

At present, the platform only facilitates dirham transactions and is exclusively available to United Arab Emirates ID cardholders. However, the Dubai Land Department intends to broaden access globally and incorporate more platforms in the future.

Ctrl Alt Solutions, a tokenization infrastructure provider, will be the technological partner. Ctrl Alt stated in a separate release that XRPL will serve as the project’s underlying blockchain.

See Also: White House Says Gold Reserves May Be Used to Purchase Bitcoin

Why It Matters: The Dubai government’s initiative is part of a sustained effort to establish the Middle-Eastern city as a hub for blockchain and digital asset services.

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Ripple Labs, a firm closely tied to XRPL and XRP, has emerged as a key partner. In October of last year, the Dubai Financial Services Authority granted in-principle approval to Ripple to offer blockchain-enabled payment services from the Dubai International Financial Centre.

Real-world asset tokenization has emerged as one of the hottest cryptocurrency narratives in recent years. According to Prophecy Market Insights, the real estate tokenization market was valued at $3.8 billion in 2024 and is expected to reach $26 billion by 2034 with a compound annual growth rate of 2.90%.

Price Action:  At the time of writing, XRP was exchanging hands at $2.29, down 2.21% in the last 24 hours, according to data from Benzinga Pro.

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Shutterstock: Eduardo Estellez

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.