Last Updated on
Emaar Group is one of the largest real estate companies in the United Arab Emirates and is also the firm behind the approximately 3,000 feet tall UAE icon Burj Khalifa. According to an announcement made by the real estate company earlier this week, Emaar Group is planning to develop a crypto token for its partners and clients by the end of 2019. The “Emaar community token” is meant to be presented in an ICO (initial coin offering) ultimately, according to the company.
According to an announcement, Emaar Group has engaged in a potential partnership with Lykke AG – a Swiss crypto startup. Lykke AG will be developing an ethereum-based token in accordance with the ethreum network’s ERC-20 (Ethereum Request for Comment) standard. The token is meant to act as a referral and loyalty system that will reward the owners for their actions in favor of the company.
After the ICO, the owners of the token will be able to redeem rewards at any of Emaar Group’s holdings including its online shopping venues, malls, entertainment facilities, and others. The real estate group is hoping to reach a whopping figure of 1 billion users of the community token.
The company has not released further detail about the ICO but it has announced that the initial coin offering for the Emaar community token is intended to be concluded within 12 months of its launching. The company also hasn’t revealed an estimate of how many financial resources does it intend to generate with the ICO. Moreover, the community token will be offered to European buyers only. There is also no confirmation whether the digital coin is intended to be traded on cryptocurrency exchanges or not.
Mohamed Alabbar, chairman of Emaar Properties, says the company is looking to extend the experience that it offers to its customers and partners. The chairman stated, “We have embraced the digital world even as we continue to build the most advanced and innovative physical structures and we use both to delight and benefit our customers and stakeholders globally. The Emaar community token marks a significant leap in our digital transformation journey.”
It is also worth noting that Emaar’s goal of 1 billion isn’t impossible at all. The company has a large community of stakeholders and countless customers. Apart from owning Burj Khalifa, the real estate company also owns Dubai Mall – the second largest mall in terms of area, The Dubai Fountain, and the Dubai Opera among several other properties.
On the other side, Lykke AG is also very much ready to take on a crypto project of such a large magnitude. Richard Olsen, CEO of the crypto startup said in a statement that the company is developed a cutting-edge infrastructure and it is ready to serve mass users. The chief also added, “We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”