The leading property firm in Dubai, Emaar Properties, has announced plans to launch an Ethereum token as reported by Arabian Business, a local news outlet.

According to the news outlet, the development of an Ethereum token will be handled by Lykke, a Switzerland-based blockchain company.

Emaar Group has indicated that the Ethereum token will help stakeholders and customers take advantage of the referral and loyalty system. Additionally, as noted by Arabian Business, the Ethereum token will be transferable across the Emaar Group ecosystem from online shopping, hospitality, entertainment, real estate, among others.

The chairman of Emaar Properties, Mohamed Alabbar, 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 transformational journey.

Properties under Emaar include the tallest building in the world, Burj Khalifa, Dubai Opera, Dubai Fountain, and Dubai Mall.

In addition to developing an Ethereum token, Emaar Properties is also set to hold an initial coin offering preferably in Europe.

Lykke’s CEO, Richard Olsen, noted that Lykke has all the expertise needed to “support Emaar’s mission to bring value and utility to millions of users globally.”

Emaar’s interest in building an Ethereum token comes barely a month after the real estate giant denied rumors that it has started accepting cryptocurrency payments. As of June 2018, Emaar Group was worth close to 10 billion U.S dollars. In 2018, the group reported revenue of 7 billion U.S dollars.

Do you think the development of an Ethereum token is an indication that the property giant will soon start accepting crypto payments?

read more