UAE-based real estate developer Emaar Group announced plans to develop the “Emaar community token” for its customers and partners later this year, and to set an initial coin offering (ICO).
Emaar said it will partner with Lykke AG, a Switzerland-based crypto startup to build an ethereum-based token designed to comply with the ERC-20 standard.
Emaar’s customers and stakeholders will be able to use the Emaar community token as a referral and loyalty system across the entire group.
The token will be transferable across the entire global Emaar ecosystem of $10 billion, including real estate, malls, hospitality, entertainment, facilities management and online shopping.
The company plans to launch the ICO in Europe within 12 months of the internal operational launch of the Emaar community token.
Emaar’s community token will be developed by Swiss-based Lykke AG based on the Ethereum blockchain and the ERC20 token framework.
Emaar group is the builder of the nearly 3,000 foot tall Burj Khalifa in Dubai, the world’s tallest building.
Emaar grew revenues by 37 per cent in 2018 to US$7 billion and its brand value by 39 per cent to US$2.7 billion, placing it among the highest tier brands in the world.
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