$280M in diamonds tokenized on Ripple’s XRPL in Dubai

Billiton Diamond and Ctrl Alt have tokenized $280M in diamonds on Ripple’s XRPL in Dubai, aiming for faster, more transparent trading. Full rollout awaits approval from Dubai’s VARA.

Billiton Diamond and Ctrl Alt have launched a $280 million diamond tokenization project in the United Arab Emirates. The initiative utilizes Ripple’s enterprise-grade custody technology and the XRP Ledger (XRPL) to bring certified polished diamonds onto the blockchain. Each digital token is directly linked to a physical diamond securely stored in Dubai, with over AED 1 billion worth of stones already tokenized. This project aims to modernize diamond trading by making transactions faster, more transparent, and easier to verify, significantly reducing paperwork and manual processes. Ripple’s custody solutions ensure the security of digital assets, while the XRPL facilitates seamless issuance and transfers. The broader rollout and secondary market trading will depend on regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This initiative highlights the potential for integrating traditional high-value commodities into digital markets through blockchain technology, potentially transforming global diamond trading.