Dubai Land Department Launches Prypco Mint, a Property Tokenization Platform Based on XRP Ledger

Odaily Odaily News: Dubai Land Department (DLD) has partnered with real estate fintech company Prypco and infrastructure provider Ctrl Alt to launch the first real estate tokenization platform Prypco Mint. The platform tokenizes property ownership deeds and synchronizes official real estate records, deployed on the XRP Ledger blockchain. The move is part of a government-backed project that is expected to tokenize 7% of Dubai's real estate market, or $16 billion, by 2033. The platform currently only supports UAE dirham transactions and is only available to UAE ID card holders, and will expand global access in the future. Zand Digital Bank serves as its banking partner, and supervision is the responsibility of the Central Bank of the UAE, the Dubai Virtual Asset Regulatory Authority (VARA) and the Dubai Future Foundation's real estate sandbox.