Diamonds worth $280M tokenized in UAE using Ripple tech

Billiton Diamond and tokenization specialist Ctrl Alt have tokenized $280 million worth of diamonds on-chain in the United Arab Emirates (UAE), Coindesk reported. The project, which involves a diamond inventory held in Dubai, utilizes Ripple's custody technology and the XRP Ledger (XRPL). Ripple provided enterprise-grade custody tools for asset security and the infrastructure for issuing and transferring the tokens. The platform's launch is contingent on approval from Dubai's Virtual Assets Regulatory Authority (VARA).