Dubai has introduced a real estate tokenization platform on the XRP Ledger blockchain, offering fractional ownership of properties through tokenized title deeds.
The platform aims to digitize $16 billion worth of real estate by 2033 and is developed in partnership with Prypco Mint, enabling investors to buy fractional shares with UAE dirhams.
Partnerships with Dubai Land Department, Zand Digital Bank, and UAE Central Bank are established to regulate the industry, with plans to expand currency options and platforms in the future.
The platform supports Dubai's goal of being a global leader in digital asset innovation, aiming to attract international investors and enhance liquidity in the real estate market through tokenization.