Latest news with #PRYPCOMint
Gulf Business
2 days ago
- Business
- Gulf Business
Dubai's second tokenised property fully funded in under 2 minutes
Image credit: WAM/Website In a record-setting move that highlights Dubai's growing leadership in digital real estate, the Dubai Land Department announced that its second tokenised property project on the 'PRYPCO Mint' platform was fully funded in just one minute and 58 seconds. Read- The project is part of Dubai Land Department's Property Tokenisation Initiative, under which PRYPCO Mint enables investors to purchase fractional shares in ready-to-own properties through a seamless and cost-effective digital platform. Officials say the success of the platform signals a broader shift toward tokenised assets playing a central role in Dubai's property market by 2033. As the initiative expands with more projects and partnerships, the department is encouraging early registration to access future offerings before they sell out. Dubai continues to position itself as a global leader in innovative and accessible real estate investment.
Arabian Post
2 days ago
- Business
- Arabian Post
Dubai Sets Record with Blockchain-Powered Property Sell-Out
Arabian Post Staff -Dubai Dubai Land Department's second tokenised property offering was fully subscribed in just one minute and 58 seconds, marking the fastest-ever blockchain-backed real estate transaction globally. The project, made available through the PRYPCO Mint platform, attracted 149 investors across 35 nationalities, while more than 10,700 others joined a waitlist to participate. The speed of uptake underscores growing trust in digital property ownership within the emirate's broader Property Tokenization Initiative. The feature property—a one‑bedroom apartment in Kensington Waters on Mohammed Bin Rashid City—was valued at AED 1.5 million, discounted from an estimated AED 1.875 million. Fractional ownership began at AED 2,000, enabling micro‑investing in prime Dubai real estate. This landmark offering followed an inaugural tokenisation in May 2025, which sold out within 24 hours, suggesting escalating global appetite for fractional property investments. ADVERTISEMENT PRYPCO Mint is jointly operated by the Dubai Land Department and PRYPCO, under a regulatory framework accredited by the Virtual Asset Regulatory Authority, the UAE Central Bank, and Dubai Future Foundation within the Real Estate Sandbox initiative. The blockchain infrastructure is built by Ctrl Alt on the XRP Ledger and supported by Zand Digital Bank, ensuring tokens align with official title deeds. Market data indicates robust momentum behind this pivot to tokenisation. In May, Dubai recorded total real estate sales of AED 66.8 billion, a 44 per cent increase year-on-year. The surge was driven by a 314 per cent rise in primary sales, with experts citing tokenisation as a catalyst for further growth. Scott Thiel, CEO of Tokinvest, observed that 'tokenisation will not just accompany the next record, we believe, it will help drive it,' signalling strong confidence in the emerging asset class. Dubai's roadmap for tokenised real estate charts transformative ambitions. The DLD estimates that by 2033 tokenised assets could account for 7 per cent of the city's total real estate market—equivalent to roughly US$16 billion. The first offering had drawn 224 investors from over 40 countries, with certificates of ownership now logged on the blockchain to ensure legal validity. Industry insiders have noted the implications across the investment ecosystem. Zaher El Orm, a blockchain advocate in Dubai, commented that the asset 'sold out in less than two minutes … with an average investment of around AED 10,000, a clear demonstration of the market's appetite for on‑chain, fractional property investment,' adding that title certifications were issued within hours. Earlier in the year, DAMAC Group—one of the UAE's major developers—agreed to tokenize its assets worth US$1 billion via the MANTRA platform, reinforcing Dubai's ambition to become a global digital assets hub. This aligns with regulatory updates from VARA in May extending tokenisation frameworks to real-world assets, bolstering transparency and operational efficiency. Dubai Land Department and PRYPCO are now preparing to expand PRYPCO Mint's offerings, encouraging investors to register early. Future phases aim to include international participants and onboard additional developers, scaling the initiative beyond its pilot phase. Tokenisation is reshaping Dubai's real estate landscape. By lowering barriers to entry, increasing liquidity, and embedding ownership in blockchain-secured records, Dubai is forging a path toward a digitally enabled property market that caters to both local and global investors. As the platform extends its reach, tokenised offerings may soon become a mainstream vehicle for property investment.
Hi Dubai
2 days ago
- Business
- Hi Dubai
Dubai Land Department Secures Full Funding for Second Tokenised Property in Under Two Minutes
Dubai has once again demonstrated its leadership in real estate innovation, with the Dubai Land Department announcing that its second tokenised property offering on the PRYPCO Mint platform was fully funded in just one minute and 58 seconds. The digital property sale attracted 149 investors from 35 nationalities, pushing the waiting list to over 10,700 people—underscoring a growing appetite for tokenised real estate solutions in the UAE. PRYPCO Mint, operating under the Dubai Land Department's Property Tokenisation Initiative, allows investors to buy fractional ownership in ready properties through a streamlined, cost-effective digital process. The platform aims to make real estate more accessible, especially to younger or first-time investors. The initiative is part of a broader strategy to integrate blockchain and tokenisation into the emirate's real estate sector, with tokenised assets expected to play a major role in Dubai's property market by 2033. As demand surges, the Land Department is encouraging prospective investors to pre-register and secure access to future offerings before they sell out. With its rapid uptake and strong international participation, Dubai's tokenisation push is not only setting benchmarks for the region but also shaping the future of global real estate investment. News Source: Emirates News Agency
Zawya
3 days ago
- Business
- Zawya
Dubai Land Department achieves world-first with instant sell-out of tokenized real estate
DUBAI: In a landmark move that reinforces Dubai's leadership in the real estate sector, Dubai Land Department announced that its second tokenized project on the 'PRYPCO Mint' platform was fully funded in a record-breaking one minute and 58 seconds, attracting 149 investors from 35 nationalities. This unprecedented demand pushed the waiting list to over 10,700 investors, reflecting rising confidence and strong interest in digital real estate ownership solutions across the emirate. This ongoing success underscores the effectiveness of the platform, which is officially accredited under Dubai Land Department's Property Tokenization Initiative. By enabling investors to purchase shares in ready properties through seamless and cost-effective mechanisms, PRYPCO Mint is setting new standards for market accessibility. As the platform expands its projects and partnerships, it is helping to shape a future where tokenized assets are expected to become a central part of Dubai's property market by 2033. Amid this momentum, Dubai Land Department invites interested individuals to register early and set up their accounts to take advantage of upcoming offerings before they sell out, unlocking investment opportunities in one of the world's most dynamic and innovative real estate destinations.
Al Etihad
3 days ago
- Business
- Al Etihad
Dubai's second tokenised apartment sells out in under two minutes
11 June 2025 22:14 ISIDORA CIRIC (ABU DHABI)The UAE's second tokenised property listing fully sold out in one minute and 58 seconds on Wednesday, confirming the country's growing appetite for digital real estate ownership. The apartment, listed on PRYPCO Mint, drew in 149 investors from 35 nationalities and pushed the platform's waitlist to more than 10, on June 11, the one-bedroom apartment in Dubai's upscale Kensington Waters, Mohammed Bin Rashid City, was listed at Dh1.5 million, below its estimated market value of Dh1.875 million. The discounted price gave investors an immediate equity advantage, with shares available for as little as Dh2, launch is part of a broader Real Estate Tokenisation Initiative by the Dubai Land Department (DLD), aimed at making property ownership quicker and more traditional real estate investment, tokenised property allows buyers to own digital shares in a physical property. The concept is simple: instead of buying an entire apartment, investors purchase fractional shares - represented as digital tokens - linked to a real, registered property in Dubai. These shares are issued on blockchain infrastructure and represent a portion of the underlying asset, which can then be bought, sold, or model lowers the barrier to entry and opens up the property market to a more diverse group of investors, including first-time buyers and tech-savvy millennials. Currently, the platform is available to UAE residents holding valid Emirates IDs, though it is expected to open access to international investors in future transactions on the PRYPCO Mint platform are carried out in UAE dirhams, with no cryptocurrencies accepted during the pilot phase. Investors receive official Property Token Ownership Certificates issued by the DLD, providing a layer of formal recognition and regulatory Kensington Waters sale follows the success of PRYPCO Mint's debut property, a two-bedroom apartment in Business Bay listed on May 25. Valued at Dh2.4 million - below its DLD valuation of Dh2.89 million - the offering was fully funded in under 24 hours by 224 investors from over 40 countries, with an average contribution of Dh10, a statement preceding the second launch, Amira Sajwani, Founder and CEO of PRYPCO, said the strong uptake is proof of a growing appetite for alternative real estate models."The incredible response to our first tokenised property proved that investors are ready for a smarter, more accessible way to invest in real estate. With our second property, we're continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience," he said on Tuesday. Behind the scenes, the initiative is supported by the Virtual Assets Regulatory Authority (VARA), the UAE Central Bank and the Dubai Future Foundation. It operates under the Real Estate Sandbox, a framework designed to enable innovators to test their products, services, and business models under adaptive regulatory supervision. Zand Bank serves as the official banking partner, while blockchain infrastructure is managed by Ctrl Alt, using the XRP Ledger.
