Billiton Diamond and tokenization provider Ctrl Alt have tokenized over $280 million worth of certified polished diamonds on the XRP Ledger. The initiative, which uses Ripple’s custody technology, aims to improve liquidity and transparency in diamond trading. The project’s public launch remains pending regulatory approval from Dubai’s Virtual Assets Regulatory Authority.
Over $280 million in certified polished diamonds have been tokenized on the XRP Ledger. The initiative is a partnership between Billiton Diamond and tokenization technology provider Ctrl Alt.
The project utilizes Ripple’s enterprise custody system to secure digital ownership documents. It must first seek approval from Dubai’s Virtual Assets Regulatory Authority before a public launch.
Billiton Diamond, known for its auction method for rough diamonds, is entering the tokenized polished diamond market. Industry officials state this could help simplify a market traditionally seen as illiquid.
Tokens were created on the XRP Ledger due to its cost efficiency and speed. This integrates certification and ownership data directly onto the blockchain for verification.
The project aligns with UAE digital asset regulations and Dubai’s strategy for blockchain finance. Plans include facilitating secondary market trading after obtaining the required approvals.
The move reflects a broader trend of institutions tokenizing real-world assets. This includes using blockchain to enhance liquidity for commodities, bonds, and real estate.
