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Blockchain Industry News

Owner of World’s Tallest Building Plans to ICO

One of the largest real estate developers in the United Arab Emirates and owner of the 3,000-foot-tall Burj Khalifa, Emaar Group announced its plan to develop a cryptocurrency – the “Emaar community token.”

The Emaar Community Token

Although still without an official name, the coin will serve customers and partners of Emaar Group by the end of 2019. The ultimate goal is to launch an initial coin offering (ICO) for the proposed coin during that time. Emaar is planning to partner with Swiss crypto startup company, Lykke AG to administer this token offering. The goal is to build a token based on Ethereum (ETH) and in compliance with ERC-20 standards.

After the development stage, Emaar hopes to use the token as a form of loyalty and referral system. Thus, customers will be able to avail of the various services of Emaar using the token. These services include online shopping venues, entertainment facilities, malls, and other properties. With a target market of 1 billion users, Emaar is optimistic about making it big.

Lykke Development Partnership

Lykke CEO Richard Olsen stated that his system has already finished the development of a cutting-edge technology that is ready for use by Emaar in this mass-market endeavor. The company is thrilled to support Emaar’s mission of rewarding its huge global customer base. Lykke is also proud to leverage their expertise and experience with this project.

Lykke CEO, Richard Olsen

There’s been no official word yet about Emaar’s ICO, but the company is happy to share the Emaar experience and extend it to the global community of customers through this advanced digital innovation. According to Mohamed Alabbar, chairman of Emaar Properties, the company has embraced the digital world, and the Emaar community token is considered a significant leap in the company’s fast-paced digital transformation.

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