Ripple-backed custody secures $280 million diamond tokenization push in UAE
CoinDesk
Ripple's custody technology secured over $280 million of tokenized polished diamonds on the XRP Ledger in Dubai.Summary
Billiton Diamond and Ctrl Alt announced they have tokenized over AED 1 billion ($280 million) worth of certified polished diamonds in the UAE using Ripple's custody infrastructure and the XRP Ledger (XRPL) for token issuance and transfers. This institutional-grade pipeline aims to improve settlement speed and provenance data for physical stones held in Dubai. The next phase, including broader distribution, is contingent upon regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA). Ripple is providing the underlying custody and transfer technology, positioning itself in the infrastructure layer rather than the trading marketplace, as the firms work toward a regulated tokenized trading setup.
(Source：CoinDesk)