Emaar plans to offer a crypto token to its customers and stakeholders. The aim is to construct an entire ecosystem around the crypto asset, as can be gleaned from a press release. The token will help “reap the value of a full referral and loyalty system across the entire group” and would be among the first referral and loyalty tokens in the world.
Leading the technology build of this token is Lykke AG from Zug. The token will be based on the Ethereum blockchain and the ERC20 token framework. It will be transferable across the entire global Emaar ecosystem, including real estate, shopping centers, hospitality, entertainment, facilities management and online shopping.
“We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally,” commented Richard Olsen, founder and CEO of Lykke. “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.”
Emaar is one of the largest property developers in the world. Accomplishments from Emaar include Burj Khalifa in Dubai, the highest building in the world. In 2018, sales of the company were up 37 percent to total US$7 billion.