Leading Dubai Real Estate Company Emaar to Launch its Own Token
Dubai-based real estate behemoth Emaar has announced plans to launch a new crypto token. This news comes via a report earlier today by Arabian Business, a local English-language media outlet, which claims Emaar is considering an initial coin offering (ICO) in Europe.
According to the report, Swiss blockchain startup Lykke — which offers users the ability to buy, store, and convert crypto with “Swiss quality,” per its website — will develop the token, which will give Emaar’s customers and stakeholders access to the company’s referral and loyalty program.
Emaar Properties is a public company (EMAAR:DFM) with a market cap of $34 billion, according to Bloomberg. It is the largest real estate firm in the United Arab Emirates (UAE), and has developed the Dubai Fountain, Dubai Mall, Dubai Opera, and the Burj Khalifa, while reportedly bringing in $7 billion in revenue last year, a 37% increase year-over-year (YOY).
Chairman of Emaar Properties, Mohamed Alabbar, told Arabian Business of the decision to develop a crypto token:
“We continuously strive to expand our reach, strengthen our growth and extend the Emaar experience. 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.”
Richard Olsen, founder and CEO of Lykke, went on to elaborate:
“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.”
The proposed ICO would be held in Europe within a year of the internal launch of the new platform. In developing the token, Lykke will comply with ERC-20 standards, and release it on the Ethereum blockchain.