Emaar Group, the United Arab Emirates’ real estate giant behind Burj Khalifa, has partnered with Switzerland-based crypto startup Lykke AG to develop an Ethereum-based digital currency, according to a press release published March 11.
Designed to meet the ERC-20 standard, the “Emaar community token” is set to be launched through an initial coin offering (ICO) and will be available to Emaar Group clients and partners by the end of the year. As detailed in the release, Emaar’s digital currency will serve as a referral and loyalty system which can be used by customers at any of Emaar’s holdings, including entertainment facilities, malls, as well as online shopping venues.
As originally planned, Emaar has set a target of roughly 1 billion user base for its community token launch.
While details regarding the real estate firm’s planned ICO remains scarce, Emaar noted that the token sale is set to be completed 12 months after the token’s initial launch. As it stands, the ICO will only be open to European investors.
As Emaar Properties chairman Mohamed Alabbar emphasized in a statement, the firm intends to “extend the Emaar experience,” adding that:
“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.”
On top of developing what is now regarded as the world’s tallest building since 2010, Emaar has also developed the second-largest mall by total area, the Dubai Mall, in addition to the Dubai Foundation, as well as other globally known infrastructures.
As Lykke CEO Richard Olsen highlighted in the release, the crypto startup has already built a mass-market ready “cutting-edge technology infrastructure,” adding that:
“We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”