The Emaar group, the real estate firm behind the world’s tallest building has planned to develop its own cryptocurrency. The firm is one of the United Arab Emirates’ largest real estate developers. The group has planned to develop “Emaar community token” for its customers and partners by the end of 2019. The Initial Coin Offerings (ICO) has been planned to be launched by the end of 2019.
According to the announcement, Lykke AG, a Switzerland-based crypto firm and the Emaar group will be partnering to build Ethereum-based token designed to comply with the ERC-20 standard. After launching the token, the company has planned to use the token as a referral and loyalty system.
It has been said that customers can use the token at any of Emaar’s holdings including malls, entertainment facilities, online shopping venues or other properties. Emaar is targeting a potential user base of 1 billion internet users by launching the community token.
The tokens will be available only to European buyers. The company did not reveal how much it intends to raise. Mohamed Alabbar, Properties chairman, Emaar group said that the firm is looking forward to “extend the Emaar experience.”
Mr. Mohammed added:
“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.”
Richard Olsen, CEO of Lykke also shared his excitement about partnering with Emaar group. He said that his firm has already developed a “cutting-edge technology infrastructure” which is ready for mass-market use.
Mr. Olsen said:
“We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”