Dubai’s Real Estate Giant Emaar Releases Reward Token EMR

Dubai-based real estate tycoon Emaar Properties has launched its new blockchain token-based loyalty and referral platform. 

Emaar, which built the world’s tallest structure, the Burj Khalifa, is intending to introduce the EMR token for rewarding its clients, local news outlet Arabian Business reports October 17.

EMR tokens is based on JPMorgan’s blockchain platfom Quorum and will be redeemable not only within Emaar’s real estate network, including malls, hotels, and e-commerce operations, but also can be traded with other users, yet in addition can be exchanged with different clients, the report states.

As indicated by Arabian Business, both the blockchain platform and EMR token are anticipated to be introduced in late 2019.

Emaar purportedly underscored that its EMR platform is the first venture of its kind being introduced internationally, taking note that its token gives genuine monetary value via external trading platforms. The platform for procuring and redeeming the tokens is accessible by means of devoted EMR mobile application on Android and iOS, the report says.

Mohamed Alabbar, chairman of Emaar, apparently affirmed that EMR would be viewed as a utility token by the firm. He asserted:

“We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”

As detailed in March, Emaar was creating the token in collaboration with Swiss blockchain startup Lykke. The company stated at the time that it was additionally considering facilitating an initial coin offering (ICO) in Europe.

Earlier, Emaar repudiated rumors that it allowed crypto payments for property, taking note that it was just accepting fiat currencies, including UAE dirhams or United States dollars. According to reports, Emaar was purportedly enabling clients to buy property with major digital currencies like Bitcoin (BTC) and Ether (ETH).