Emaar Group, one of the the United Arab Emirates largest real estate developers and the firm behind the nearly 3,000 foot tall Burj Khalifa, announced that it was planning to develop the “Emaar community token” for its customers and partners by the end of 2019, with an ultimate goal of launching an initial coin offering ICO.
The firm will partner with Lykke AG, a Switzerland based crypto startup to build an ethereum based token designed to comply with the ERC-20 standard. Once it is developed, Emaar plans to use the token as a referral and loyalty system.
Customers will be able to use the token at any of Emaar’s holdings, including its malls, entertainment facilities, online shopping venues or other properties. With the community token, Emaar is targeting a potential user base of 1 billion internet users.
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