Mohamed Alabbar, the Chairman of Emaar Properties/Bloomberg
The digital currency will be transferable across the entire global Emaar ecosystem, including real estate, malls as well as hospitality, entertainment and facilities management.
Tuesday 12, March 2019
Emaar Group has partnered with Swiss-based Lykke to build Emaar community token based on the Ethereum blockchain and the ERC20 token framework.
In a statement, Emaar Group stated that the Emaar community token will allow Emaar’s customers and stakeholders to reap the value of a full referral and loyalty system across the entire group, cementing the global brand and opening the Emaar experience potentially to billions of internet users.
Mohamed Alabbar, the Chairman of Emaar Properties, said, “The Emaar community token marks a significant leap in our digital transformation journey.”
The Emaar community token will be among the first referral and loyalty tokens in the world giving access to an existing operational ecosystem of close to $10 billion.
“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,” said Richard Olsen, the Founder and CEO of Lykke.
Additionally, Emaar Group said that an initial coin offering in Europe (ICO) will be considered within 12 months of the internal operational launch of the platform.