Emaar Group, one of the UAE‘s largest real estate developers and the firm behind the world’s tallest building Burj Khalifa, published on Monday that it was aiming to develop the ‘Emaar community token’ for its users and partners by the end of 2019, with an ultimate aim of starting an initial coin offering (ICO).
As per a press release, the firm will collaborate with Lykke AG, a Swiss-based crypto startup to develop an ethereum-based token designed to comply with the ERC-20 standard. Once it is developed, Emaar intends to use the token as a referral and loyalty system.
Clients will be able to apply the token at any of Emaar’s holdings, including entertainment facilities, malls, online shopping venues or other properties. With the community token, Emaar is targeting a potential user base of 1 billion internet users.
Few details have been published about Emaar’s ICO, but the company plans to close it within 12 months of the token’s initial launch. It will be available only to European customers. Emaar didn’t say how much money it plans to raise.
In a statement, Mr. Mohamed Alabbar, Emaar Properties chairman stated the company is looking to “extend the Emaar experience,” adding:
“We have adopted 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 clients and stakeholders globally. The Emaar community token marks a major leap in our digital transformation journey.”
Mr. Richard Olsen, CEO of Lykke, stated in a statement that his startup has now developed a “cutting-edge technology infrastructure” that is ready for mass-market use.
He continued, “we are excited to leverage our experience and expertise to support Emaar’s mission to deliver value and utility to millions of customers globally.”