Owner of Burj Khalifa Plans to Launch ICO
The firm which is behind the World’s most renowned and tallest building Burj Khalifa is planning to enter the Cryptocurrency market by developing its own Crypto Token.
One of the largest real estate developers Emaar Group also the firm behind the renowned 3,000 foot tall Burj Khalifa announced their plan and development of “Emaar Community Coin” and offering to its customer by the end of 2019.
Lykke AG the firm with which they are likely to partner is a Switzerland-based Crypto Startup and they are building an Ethereum (ETH) based token with the ERC- 20 standards.
Emaar plans to use the token as a referral and loyalty based system. As mentioned by them in a press conference.
The customers would be able to use the token at various Emaar’s Holdings, which includes its mall, entertainment facilities, online shopping and various another holding off them.
With only a few details disclosed about Emaar’s ICO, they have been working to introduce the coin within the 12 months of the initial release. But the coin will only be available for the European Buyers.
Emaar’s Properties chairman Mohamed Alabbar added to the context that:
“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.”
Emaar owns a variety of different property excluding Burj Khalifa and that goes for the Dubai Mall(second largest Mall by area), the Dubai opera, Dubai Fountain etc.
Lykke CEO added to it and said that the startup and already developing a “cutting edge technology infrastructure” and that ready for the mass market use.
