Dubai’s Emaar Group launches community token on Ethereum [ETH] blockchain

Emaar Group, the Dubai-based real estate giant is all set to launch an Emaar community token on the Ethereum [ETH] blockchain and the ERC20 token framework. The Emaar group was behind the development of the world’s tallest building, Burj Khalifa, Dubai Fountain, Dubai Mall, and the Dubai Opera House. The group boasts a revenue of $5.38 billion.

Mohamed Alabbar, Chairman of Emaar Properties, leveraging Ethereum [ETH] blockchain and embracing the digital ecosystem to design advanced and innovative physical structures is key in drawing customers and stakeholders from across the world. He further said,

“The Emaar community token marks a significant leap in our digital transformation journey.”

The token will be developed by Lykke AG, a leading Swiss-based blockchain tech company. Richard Olsen, the Founder, and CEO of Lykke, asserted that the token is “cutting edge technology”. He went on to say that the fundamental goal was to enable mobile and internet users to participate in economic activities. He further added,

“We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”

According to a blog post by the Swiss firm, the community token will be transferable. The post also mentioned that the token will be operational across the ecosystem, providing customers and stakeholders with access to real estate, malls, facility management, retail, hospitality, and entertainment.

Lykke AG technology previously built asset-based tokens on the Bitcoin blockchain when Ethereum blockchain was not created. A statement released by the firm said,

“Lykke is focused on bringing financial technology to the masses, with users of its mobile app and token exchange platform benefiting from decades of knowledge gained in servicing retail clients globally.”

According to Lykke AG’s post, the community token will enable Emaar’s global customers and stakeholders to access the first-ever full referral and loyalty system. The post also mentioned a possible initial coin offering in Europe [ICO] within a year of the token’s release on the ETH Blockchain.

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