Dubai Launches Real Estate Tokenization Project on XRP Ledger via Prypco Mint
On Sunday, May 25, the Dubai Land Department (DLD) officially unveiled its latest innovation in property investment: a real estate tokenization platform built on the XRP Ledger. This forward-thinking project enables investors to purchase fractional shares in Dubai real estate through Prypco Mint, a platform operated under the DLD’s Real Estate Sandbox initiative.
Tokenization and Strategic Integration with Registries
The concept of real estate tokenization has gained global momentum over the past several years. Analysts predict the tokenized real estate market will expand from $3.5 billion in 2024 to $19.4 billion by 2033.
Despite the technological promise, industry experts emphasize the importance of direct integration with government-managed land and property registries. Without this synchronization, blockchain-based ownership would hold limited legal weight, as only official registries can verify true property ownership.
Dubai’s Continued Blockchain Commitment
Dubai has remained at the forefront of blockchain adoption in the public sector. Since as early as 2017, the DLD has championed digitizing real estate processes through on-chain record keeping.
Since 2022, the department has collaborated with the Dubai Virtual Assets Regulatory Authority, which governs the issuance, trading, and custody of tokenized real estate assets.
In a key milestone, on March 19, the DLD launched a pilot phase of its Real Estate Tokenization Project. The initiative is part of Dubai’s strategic vision to enhance real estate accessibility while fostering innovation in the property sector.
Prypco Mint Powered by XRP Ledger
The recently launched Prypco Mint platform is a product of a strategic partnership with Ctrl Alt, a UK-based crypto infrastructure firm specializing in the tokenization of real-world assets.
Ctrl Alt selected the XRP Ledger for its proven “reliability and stability” over a decade of powering tokenized asset exchanges. According to the company, XRP Ledger’s architecture makes it ideal for bridging the gap between digital tokens and physical property ownership.
The platform is designed for direct integration with the DLD’s traditional property ledger, creating a seamless synchronization between on-chain and off-chain property records. This approach ensures that digital ownership accurately reflects legally recognized property rights in Dubai.
Local Access Now, Global Expansion Ahead
Currently, the Prypco Mint platform is exclusive to UAE ID holders, granting them priority access to tokenized property shares. However, according to the DLD, global participation will be introduced in future phases of the platform’s development.
Looking ahead, the Dubai Land Department anticipates that tokenized assets will make up as much as 7% of the emirate’s total real estate market by 2033. The Prypco Mint platform is expected to be a driving force behind this transformation, enabling more flexible and borderless investment into Dubai’s iconic property landscape.
Whether you’re aiming for a Downtown Dubai apartment or a luxury beachfront villa in Palm Jumeirah, this innovation may open the door for your next investment using crypto.
Final Thoughts
The launch of Prypco Mint signals a new chapter in Dubai’s real estate evolution. Backed by the XRP Ledger and the support of the Dubai Land Department, tokenized real estate is no longer a future concept—it’s happening now. As the platform scales globally, the opportunity to invest in Dubai real estate through blockchain technology will soon be accessible to a worldwide audience.
