The post Ripple News Today: Dubai Launches $280M Diamond Tokenization Project on XRPL appeared first on Coinpedia Fintech News
Dubai is taking a big step toward the future of digital assets. Billiton Diamond and tokenization company Ctrl Alt have partnered to launch a major diamond tokenization project worth more than $280 million.
The initiative aims to make diamond trading faster, more transparent, and easier to access for investors around the world.
Diamond Tokenization To Be Minted On XRPL
In a recent press release by Ctrl Alt, the company confirmed a historic partnership with Billiton Diamond to tokenize more than AED 1 billion ($280 million) worth of polished diamonds in Dubai.
This collaboration aims to modernize the diamond industry by using blockchain technology to make diamond trading more transparent, secure, and efficient.
The project focuses on turning physical diamonds into digital tokens that can be easily tracked, transferred, and verified on the blockchain.
These tokenized assets are being minted on the XRP Ledger, a fast and low-cost blockchain network, while Ripple’s enterprise-grade custody technology is being used to secure the assets.
How Diamond Tokenization Will Change the Industry
Traditionally, buying and selling diamonds has been a slow and complex process. Investors often face challenges such as limited transparency, high costs, and difficulty in verifying authenticity. Through tokenization, every diamond can now have a digital record showing its origin, grading, and ownership history.
The company is also exploring ways to enable future trading of tokenized diamonds on primary and secondary markets.
However, all these activities will be subject to approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
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Industry Leader Back This Innovation
Industry leaders believe this project could change how diamonds are bought and sold. According to Billiton Diamond’s Joint Owner Jamal Akhtar, tokenization turns diamonds from an illiquid asset into a transparent and investable digital product. He added that it can improve liquidity and shorten working capital cycles for traders and manufacturers.
Ripple’s Managing Director for Middle East & Africa, Reece Merrick, also highlighted that the initiative proves high-value physical assets can be safely managed on-chain.
“Ripple is proud to support Billiton Diamond and Ctrl Alt, who have tokenized over AED 1 billion ($280m) of certified polished diamonds on the XRPL.”
With strong regulatory support and advanced technology, Dubai is positioning itself as a global leader where traditional commodities meet the digital economy.
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FAQs
Diamond tokenization converts physical diamonds into digital tokens on blockchain, allowing secure, transparent, and tradable ownership.
It increases transparency, reduces costs, and improves liquidity by making diamonds easily tradable digital assets with clear provenance and ownership records.
Yes, all trading of tokenized diamonds will require approval from Dubai’s Virtual Assets Regulatory Authority (VARA), ensuring compliance and investor protection.
