The owner of the Burj Khalifa skyscraper plans to issue an Ethereum token and hold an ICO
Investment company Emaar Properties, which has the tallest building in the world, intends to develop its own cryptocurrency token.
On Monday, the company announced a plan to create an “Emaar community token” targeted at its customers and partners. The launch of the instrument is expected to take place before the end of 2019, and one of the goals of the initiative is to conduct an initial coin offering.
As part of the project, Emaar entered into an agreement with the Swiss crypto startup Lykke AG, which will help it issue an ERC20 token on the Ethereum blockchain. According to the press release, after the end of development, Emaar will use its new token in the loyalty system and referral program.
Customers will be able to use the token in any of the Emaar-owned establishments, including shopping malls, cultural and entertainment venues, 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 conduct it within 12 months from the launch of the token. Only European investors will be able to purchase tokens. The company did not indicate the amount to be raised through ICO.
“We’re embracing the digital world while we continue to build the most advanced and innovative physics designs ourselves. The Emmar community token is a significant step towards the digitalization of our company, ”said Mohamed Alabbar, Chairman of Emaar Properties..
Among other things, Emaar was involved in the construction of the 828-meter skyscraper “Burj Khalifa”. It is also the world’s largest real estate company outside of China. Its net profit last year grew 37% to $ 7 billion, according to local newspaper Arabian Business. The company recently began accepting bitcoins and Ethereum as payment for real estate through the Bitcoin Suisse payment service..