Ripple-Backed Firm Inks $280M Diamond Tokenization Deal
Ctrl Alt, a real-world asset tokenization firm backed by Ripple, has secured a $280 million deal to tokenize diamonds in the United Arab Emirates. The project represents a significant move to bring luxury physical assets onto the blockchain. This deal expands the scope of on-chain RWAs beyond traditional financial instruments.
The deal, a collaboration with diamond leader Billiton Diamond, involves tokenizing over AED 1 billion ($280 million) of certified polished diamonds. The tokens are minted on the XRP Ledger (XRPL), with Ripple's enterprise-grade custody technology securing the underlying physical assets. This initiative aims to enhance transparency and liquidity in the diamond market, traditionally an illiquid asset class. This project is not Ctrl Alt's first foray into RWA tokenization in the region. The firm previously partnered with the Dubai Land Department (DLD) to tokenize real estate title deeds, also utilizing the XRP Ledger. This history showcases a growing focus on bringing high-value physical assets onto blockchain infrastructure within the UAE. The transaction operates within Dubai's evolving digital asset framework, with oversight from the Virtual Assets Regulatory Authority (VARA) and support from the Dubai Multi Commodities Centre (DMCC). This regulatory clarity is a key factor in attracting institutional-grade tokenization projects to the region. Future plans include enabling secondary market trading for the diamond tokens, pending full regulatory approval from VARA. The tokenization of these diamonds adds a significant asset to the XRP Ledger, which now holds a total of $1.96 billion in tokenized real-world assets. According to Reece Merrick, Ripple's Managing Director for the Middle East and Africa, the project serves as a "masterclass in how the XRP Ledger handles high-value, risk-weighted assets at scale."
