Dubai’s heavyweight property developer Emaar will offer a new blockchain-based community token to its partners and customer by the end of 2019. The real estate giant known for major large-scale projects such as the Burj Khalifa, the world’s tallest building, is also considering launching an initial coin offering (ICO) in Europe.
Local news outlet Arabian Business (Mar 11) reported this Dubai’s developer as saying in a statement that the token will give its users access to its full referral and loyalty reward system, allowing transferability across the company’s various group offerings such as property, malls, facilities management, hospitality, entertainment, and online shopping.
Swiss fintech firm Lykke is developing the token based on the Ethereum blockchain and within the ERC-20 framework. Lykke has been in the news earlier as well for launching a new service to make crypto buying easier for retail investors by helping to take some of the guesswork out of what to buy and when to sell.
Apart from the community token, Emaar will consider holding an ICO in Europe within 12 months of its internal operational launch of the Emaar token platform.
Emaar is reputed as the United Arab Emirates’ largest real estate firm, with revenue powering 37% last year to $7 billion. Earlier in February, Bloomberg reported (Feb 20) that Emaar Properties PJSC had officially denied it accepts crypto as payment for property.