Dubai Launches $16 Billion Real Estate Tokenization Platform on XRP Ledger

The platform, called Prypco Mint, was developed through a public-private collaboration involving the DLD, blockchain infrastructure provider Ctrl Alt, and fintech firm Prypco.

Using the XRP Ledger (XRPL), known for its scalability and low transaction costs, Prypco Mint allows fractional ownership of real estate, starting at just 2,000 UAE dirhams (approximately $540 USD). Tokenized ownership of properties is recorded directly on the XRPL and integrated with the official land registry, creating a secure and legally recognized digital deed.

Ctrl Alt’s role in the initiative is pivotal: its technology ensures that all blockchain records are synchronized with the government’s property databases. This legal alignment between tokenized data and public land records is designed to remove traditional barriers to property investment, such as cumbersome paperwork, opaque procedures, and geographic limitations.

The XRP Ledger was selected as the underlying blockchain for the platform due to its established reputation for speed, low-cost transactions, and energy-efficient design. These attributes make it particularly suitable for supporting high-volume, real-time real estate transactions.

This project is aligned with the Dubai Economic Agenda (D33) and the Real Estate Sector Strategy 2033, both of which emphasize technological innovation, enhanced investor participation, and improved global competitiveness.

By leveraging blockchain for real estate, Dubai seeks to boost liquidity in one of its largest economic sectors and attract international investors who have traditionally faced regulatory or logistical hurdles. According to the DLD, tokenization could reduce transaction times from weeks to hours, lower entry barriers, and unlock new revenue streams by enabling micro-investments in high-value properties.

The initiative operates under the supervision of the Virtual Assets Regulatory Authority (VARA), Dubai’s dedicated agency for overseeing digital assets. VARA officials have emphasized that the tokenization project includes strict compliance protocols to ensure security, investor protection, and AML (Anti-Money Laundering) adherence.

Security and investor confidence remain key concerns. To that end, Prypco Mint implements real-time KYC verification and integrates with the UAE Pass system, ensuring that only authorized participants can purchase or trade property tokens.

Dubai’s tokenization platform is part of a broader movement across the UAE to incorporate blockchain in real-world asset markets. Earlier this year, DAMAC Properties signed a $1 billion deal with blockchain platform MANTRA to tokenize parts of its real estate portfolio, while Abu Dhabi has also initiated tokenized equity pilots in its startup ecosystems.

This decentralized approach to asset ownership is not exclusive to real estate. In recent months, tokenization has expanded into gold, art, and even green energy credits within the Gulf region. Analysts view this as a clear indication that the UAE is positioning itself as a global hub for Web3 technologies.

While the promise is enormous, tokenized real estate faces several practical and policy-related challenges, including interoperability between different blockchains, cross-border legal harmonization, and taxation issues. Critics also point to the need for investor education to prevent misuse or misunderstanding of digital property ownership.

Nonetheless, the Dubai government remains confident in the initiative’s potential. By 2033, if the $16 billion target is met, the emirate will likely be home to the largest state-backed real estate tokenization platform in the world.

As Dubai prepares to expand access to international investors, real estate tokenization may reshape global perceptions of property ownership, making it more inclusive, transparent, and efficient.