Blockchain Community Token Planned By Burj Khalifa Owner Emaar Group
UAE-based real estate firm Emaar Group is planning to launch a blockchain-based community token for customers and partners by the end of the year.
Emaar Group is one of the largest real estate developers in the UAE and is known for various large-scale projects such as developing Burj Khalifa, the tallest building in the world. With six business segments and 60 active companies, Emaar has collective presence in 36 markets across the Middle East, North Africa, Pan-Asia, Europe and North America. It has a valuation of $9.7 billion as of June 2018.
Emaar partnered with Swiss blockchain exchange Lykke to create its community token that will be based on the ethereum blockchain and the ERC20 token framework. The Emaar community token will reportedly allow Emaar’s customers and stakeholders to reap the value of a full referral and loyalty system across the entire global Emaar ecosystem, including real estate, malls, hospitality, entertainment, facilities management and online shopping. The goal is to cement the global brand and open the Emaar experience potentially to billions of Internet users.
“We have developed cutting edge technology infrastructure with mass-market usability to support our core belief that all mobile and internet users should be able to participate in economic activity, regardless of size of contribution,” said Richard Olsen, Founder and CEO of Lykke. “We are thrilled to leverage our experience and expertise to support Emaar’s mission.”
Emaar claims that the community token will be among the first referral and loyalty tokens in the world giving access to an existing operational ecosystem of close to $10 billion. The firm is also considering an initial coin offering in Europe within 12 months of the internal operational launch of the platform.
“We continuously strive to expand our reach, strengthen our growth and extend the Emaar experience,” said Mohamed Alabbar, Chairman of Emaar. “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.”
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