Emaar, the world’s biggest property company outside of China, developers of the world’s tallest building Burj Khalifa and the biggest company in Middle East and North Africa (MENA) with $7 billion in 2018 revenue, is to launch an ERC20 token Trustnodes is told.
“We continuously strive to expand our reach, strengthen our growth and extend the Emaar experience,” Mohamed Alabbar, Chairman of Emaar Properties, said before adding:
“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.”
The ethereum based token will be used as reward in their referral and loyalty system across the entire group.
“The token will be transferable across the entire global Emaar ecosystem, including real estate, malls, hospitality, entertainment, facilities management and online shopping,” a statement says.
The token system will be built by Swiss-based Lykke AG, a blockchain tech company that has its own token exchange platform. Richard Olsen, Founder and CEO of Lykke, said:
“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 size of 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.”
Emaar will offer a community token by year-end, giving access to $10bn ecosystem in real estate, retail, hospitality & entertainment. The token, built by @lykke, will be available to Emaar clients, with a possible public offering in 2020. Read more https://t.co/JGVBjHI9CO pic.twitter.com/mIXVk9gwyN
— Emaar Dubai (@emaardubai) March 11, 2019
The stock traded company listed on the Dubai Financial Market (DFM) says an initial coin offering in Europe (ICO) will be considered within 12 months of the internal operational launch of the platform.
They recently begun accepting bitcoin and ethereum for property purchases through Bitcoin Suisse which has a BitPay like service.
With this announcement making them the world’s biggest company to issue a token, suggesting adoption in Dubai and the MENA region is heading mainstream.