The company who owns the world's highest skyscraper Burj Khalifa will hold ICO
Investment company Emaar Properties, which owns the tallest building in the world - the Burj Khalifa skyscraper - plans to create its own cryptocurrency token.
Today, company management has announced plans to develop an “Emaar community token,” which will be targeted at the company's customers and partners. According to preliminary data, the launch of the tool is planned by the end of the current year, and the option of conducting a primary token allocation (ICO) is also being considered.
- “This step shows that Emaar pays great attention to innovation and is ready to develop and provide advanced technologies for its customers,” the company said in a statement.
As part of the initiative, Emaar has entered into a partnership agreement with a cryptocurrency startup Lykke AG, which will help develop and release an ERC-20 token on the Ethereum blockchain. As stated in a press release, the new token will be involved in the loyalty system and referral program.
Customers will be able to use the token in any institution owned by Emaar, in particular in shopping centers, cultural and entertainment facilities, online stores and so on.
- "The potential user base of the Emaar token is millions of Internet users."
In a published statement, very little information was presented about ICO Emaar itself. Carrying out is planned within 12 months from the moment of launching the token, which only investors from Europe can purchase. The desired amount that Emaar plans to raise is not yet indicated.
We are trying to expand our influence and strengthen our business as much as possible. We are adopting a new digital world, in parallel developing advanced innovative physical constructions. Emaar Token will be a significant step towards the digitalization of our company, ” said Mohamed Alabbar, Chairman of Emaar Properties.
“We have developed advanced technological infrastructure with the possibility of mass use and are glad that we will cooperate with Emaar, where we can use our experience and knowledge in the right direction,” added Lykke founder and CEO Richard Olsen.
One of the main achievements of Emaar is the construction of the Burj Khalifa skyscraper. The company is engaged in other real estate transactions. Its net profit last year grew by 37% to $ 7 billion. Recently it became known that the company will accept BTC and ETH to pay for real estate through the Bitcoin Suisse payment service.