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Burj Khalifa Owner to Soon Launch Ethereum-Based Crypto Token, Plans ICO in Europe

March 12, 2019 17:25
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Emaar Group, the maker of the world’s most iconic building Burj Khalifa has revealed its plan to launch its own crypto token and even hold an initial coin offering (ICOs) in Europe.

Emaar Group, one of the most recognized and largest real estate developer in the United Arab Emirates announced its intention to develop the “Emaar community token” for customers and partners by the end of 2019.

The firm will partner with a Swiss-based crypto startup, Lykke AG to build an Ethereum-based token that will fully comply with the ERC-20 standard. According to the press release, the token will be used specifically for the purpose of referral and loyalty programme. Customers will be able to use the token at any Emmar’s property including malls, entertainment and shopping venues.

In a statement, Emaar Properties chairman Mohamed Alabbar said:

“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.”

Emaar’s plans to go for ICO within twelve months of the initial launch of the token and will be available only to European buyers.

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