The cryptoverse, despite facing a handful of difficulties has managed to persist and is still going strong as new names in the industry dive into it. Now the real estate geniuses behind the world’s tallest building are getting in the crypto game.
Emaar Group, the real estate firm behind the massive and grandiose Burj Khalifa that towers the skyline of Dubai at nearly 3,000 feet, is now interested in developing its very own crypto token. According to reports, the group that happens to be one of the largest real estate developers in the United Arab Emirates wants to develop the “Emaar community token”.
In the announcement made on Monday, the group further revealed that the Emaar community token will be launched by the end of 2019 for its customers and partners, with the goal of launching an initial coin offering (ICO).
This new venture into the crypto space will be a joint venture. Emaar group will be partnering up with a Switzerland-based crypto startup, Lykke AG. Their aim is to build an Ethereum-based token, specifically designed to comply with the ERC-20 standard. After it’s completion Emaar plans on using the token as a referral and loyalty system, as per a press release.
Furthermore, customers will have the luxury to use the token at any of Emaar’s holdings, which includes all of its malls, entertainment facilities, and online shopping venues, amongst other properties. The group is targeting a potentially large user base of 1 billion Internet users.
Up till now, very few details have been released about Emaar’s ICO, however, the company plans to conclude it within 12 months after the token’s initial launch. Moreover, it will be available only to the European buyers. But Emaar did not reveal how much money it plans to raise.
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.
Said, Mohamed Alabbar, the chairman of Emaar properties, while adding that the company is working on extending the Emaar experience. As of now, the Emaar group, in addition to owning the Burj Khalifa, also owns Dubai mall, which happens to be the second-largest mall by total area. The Dubai Opera and the Dubai Fountain are also included in the long list of Emaar’s properties.
Richard Olsen, the CEO of Lykke expressed his excitement in a statement saying,
We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.
For further updates stay tuned to BlockPublisher.