Emaar to Launch a Crypto Token Based on Ethereum Blockchain

Emaar, the world’s largest property company outside China, developers of the world’s largest building, Burj Khalifa, and the largest company in the Middle East and North Africa (MENA) with revenue of $ 7 billion in 2018, will launch an ERC20 trustnode token.

Emaar Properties Chairman, Mohamed Alabbar, said, leveraging Ethereum [ETH] blockchain and embracing the digital ecosystem to design advanced and innovative physical structures is the key to attracting customers and stakeholders from all over the world. He added, “The Emaar token marks an important step forward in our digital transformation journey.”

The announcement from the Chairman Alabbar read “This will be one of the world’s first referral and loyalty tokens to provide access to an existing operating ecosystem of nearly US$ 10 billion and an initial coin offering in Europe (ICO) will be considered within 12 months of the platform’s internal operational launch. We are continuously striving to expand our reach, enhance our growth and expand the experience of Emaar. Even as we continue to build the most advanced and innovative physical structures, we have embraced the digital world and are using them to delight and benefit our customers and stakeholders worldwide. Even as we continue to build the most advanced and innovative physical structures, we have embraced the digital world and are using them to delight and benefit our customers and stakeholders worldwide.”

Emaar Properties boasts $5.83 billion in revenue and has reached an estimated $9.7 billion as from June of last year, according to their Wikipedia page. In addition, Emaar’s revenues increased by 37% to $7 billion last year according to Arabian Business.

Swiss Lykke AG, a blockchain tech company that has its own token exchange platform will build the token system. When talking about this, the tech company said “In order to support our core conviction that any mobile and internet user should be able to participate in economic activities irrespective of the size of their contribution, we have developed advanced infrastructure with mass-market usability. We are excited to leverage our experience and expertise to support the mission of Emaar to bring value and usefulness to millions of users worldwide.”

The community token will be transferable, according to a blog post from the Swiss company. The post also mentioned that the token would operate across the ecosystem, providing access to property, malls, facility management, retail, hospitality, and entertainment for customers and stakeholders.

Lykke AG technology has already built Bitcoin asset-based tokens when Ethereum blockchain is not built. The token for the Community allows Emaar’s global clients and stakeholders to gain access to a complete reference and loyalty system for the first time, according to the position of Lykke AG. In addition, within the year of the token publication at the ETH blockchain, the post mentions a possible initial coin offer in Europe[ICO].

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