Emaar Group, the Dubai-based real estate giant is planning to launch a token and to hold an Initial Coin Offering (ICO) in Europe.
According to the article published on Arabian Business on March 11, Emaar Group will leverage the distributed ledger technology in order to offer the Emaar community token for customers and partners by the end of this year. This token will enable the company’s customers and stakeholders to reap the value of a full referral and loyalty system across the entire group. Clearly, this will help the company in opening their experience potentially to billions of internet users.
The token will be one of the first referral and loyalty tokens in the world. It will be giving access to an existing operational ecosystem of around $10 billion. The Initial Coin Offering (ICO) will be considered within 12 months of the internal operational launch of the platform.
Lykke, the Swiss-based blockchain startup, is behind the technology. The platform will be based on the Ethereum blockchain and the ERC20 token framework, allowing it to be transferable across the entire global Emaar ecosystem, including real estate, malls, facilities management, entertainment, and online shopping.
As per this announcement, the founder and CEO of Lykke, Richard Olsen confirmed:
“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 the size of the contribution. We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”
Located in UAE, Emaar Properties is one of the leading real estate development company which has a valuation of US$9.7 billion as of June 2018. The company operates internationally providing property development and management services. With six business segments and 60 active companies, Emaar has a collective presence in 36 markets across the Middle East, North Africa, Pan-Asia, Europe and North America.
Emaar Properties Dubai is known for various large-scale projects such as developing Burj Khalifa, the tallest building in the world.