- Dubai Land Department launched phase two of a real estate tokenization pilot following the tokenization of $5 million worth of property via partner Ctrl Alt.
- All transactions are recorded on the XRP Ledger, with the Dubai Land Department predicting the project could contribute $16 billion by 2033.
- A firm backed by former US President Donald Trump and his sons announced a separate tokenization partnership for a Trump-branded resort in the Maldives.
Authorities in Dubai and a Trump-linked company announced major tokenized real estate endeavors this week, signaling accelerated global momentum for blockchain-based property investment. The Dubai Land Department announced the second phase of its pilot on Friday, building on a successful initial round where approximately $5 million in property was converted into digital tokens. This infrastructure enables the resale of 7.8 million tokens on secondary markets via licensed partner Ctrl Alt.
Consequently, all on-chain activity for these real estate tokens will be recorded on the XRP Ledger and secured by Ripple Custody. The department previously predicted this initiative could represent a $16 billion market by 2033. Some experts have said Dubai’s unique regulatory environment positions it as a global leader in this space.
Meanwhile, real estate developer DarGlobal and World Liberty Financial, a crypto firm backed by Donald Trump, unveiled plans to tokenize a luxury resort project in the Maldives. DarGlobal CEO Ziad El Chaar told Cointelegraph, “[Tokenization] will open the door to many more investors, who would like to take part in investing in real estate but don’t have access today.”
This deal, structured with financial tech company Securitize, was announced at a crypto event held at the Mar-a-Lago property. Attendees included notable figures from finance and politics, such as Goldman Sachs CEO David Solomon and Coinbase CEO Brian Armstrong, highlighting the cross-industry interest.
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