Emaar launches own blockchain digital currency

Dubai-based Emaar Group, a global property developer and provider of premium lifestyles, has announced plans to launch a blockchain digital currency.

As technology transforms the tourism and visitor attractions industry, Emaar Group will leverage blockchain technology to offer the Emaar community token for customers and partners by the end of this year.

The Emaar community token will allow customers and stakeholders to benefit from a full referral and loyalty system across the entire group, potentially opening the Emaar experience to billions of internet users.

This will be among the first referral and loyalty tokens in the world, giving access to an existing operational ecosystem of close to $10 billion.

An initial coin offering in Europe (ICO) will be considered within 12 months of the internal operational launch of the platform.

Swiss-based company Lykke is building Emaar’s community token based on the Ethereum blockchain and the ERC20 token framework.

Digital currency transferable across Emaar ecosystem

The token will be transferable across the entire global Emaar ecosystem, including properties, malls, hospitality, entertainment, facilities management and online shopping.

Mohamed Alabbar, chairman of Emaar Properties, said: “We continuously strive to expand our reach, strengthen our growth and extend the Emaar experience. 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.”

Richard Olsen, founder and CEO of Lykke, added: “We have developed cutting edge technology infrastructure with mass-market usability to support our core belief that all mobile and internet users should be able to participate in economic activity, regardless of size of contribution.

“We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”

Image: Emaar