Investment company Emaar Properties, whose assets include the tallest structure in the world, intends to develop its own cryptocurrency token.
On Monday, the company announced a plan to create an “Emaar community token” that targets its customers and partners. It is expected that the launch of the tool will take place before the end of 2019, and one of the goals of the initiative is to conduct the initial placement of coins.
As part of the project, Emaar has entered into an agreement with a Swiss crypto startup Lykke AG, which will help it release the token standard ERC20 on the Ethereum blockchain. According to the press release, after the development, Emaar will use its new token in the loyalty system and referral program.
Clients will be able to use the token in any of the Emaar-owned establishments, including shopping centers, cultural and entertainment facilities, online stores, etc. The potential user base of the Emaar token is "billions of Internet users."
There is little information about ICO Emaar. It is known that the company intends to hold it within 12 months from the moment of launch of the token. Only European investors will be able to purchase tokens. The company did not specify the amount to be raised through ICO.
“We accept the digital world while we continue to create the most advanced and innovative physical constructions. The Emken community token is a significant step towards the digitalization of our company, ”said Mohamed Alabarbar, chairman of Emaar Properties.
Among other things, Emaar was engaged in the construction of the 828-meter skyscraper "Burj Khalifa". It is also the largest real estate company in the world outside of China. Its net profit last year grew by 37% to $ 7 billion, according to local Arabian Business. Recently, the company began accepting Bitcoins and Ethereum in payment for real estate through the Bitcoin Suisse payment service.