Real-Estate firm Emaar Group is known for its big buildings. Their portfolio includes the tallest building in the world, the 3000 feet-high Burj Khalifa. One of the (literally) biggest attractions in Dubai, the Burj Khalifa attracts millions of visitors and is an iconic building. The firm that developed and manages Burj Khalifa is back in the news as it plans to launch an Initial Coin Offering soon!
Earlier today, the Emaar Group announced that it plans to launch an Emaar Community Token. This token would be used by the customers and partners of the real-estate giant. The company further stated that they plan to launch this token off by the end of 2019.
With regards to the ICO, the company said that they intend to hold the Initial Coin Offering within 12 months of the launch of the Emaar Community Token. However, this ICO will be open only for European buyers. The company has not quantified any amount that they want to raise with the ICO. Mohamed Alabbar, the Chairman of Emaar Properties commented on this ICO, saying:
“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.”
With regards to the technical part behind this effort, Emaar Group announced that Switzerland-based cryptocurrency startup Lykke AG will help them develop the token. This Emaar Community Token would be an ERC-20 token based on the Ethereum Blockchain. The company further added that following the launch of the Emaar Community Token, it is expected to be used as a loyalty rewards system as well.
These Emaar Community Tokens can be used at any property owned by the Emaar Group, including malls, online shopping platforms, entertainment facilities and more. The company said that they are targeting as many as a billion potential users for their Emaar Community Token.
The Emaar Group owns many major landmarks in Dubai. These include the Burj Khalifa, the Dubai Mall (second largest mall in the world by total area), the Dubai Opera and the Dubai Fountain among various other such landmarks. It will be interesting to see how the Emaar Community Token helps the company drive forward towards a digital future.
Stay tuned with us at Cryptoground for all the latest updates and news stories from the world of cryptocurrencies and the blockchain technology!