The largest property group outside of China, Emaar Properties, has officially announced a partnership with Lykke to develop an Emaar community token designed to enable “…customers and stakeholders to reap the value of a full referral and loyalty system across the entire group.”
Emaar will offer a community token by year-end, giving access to $10bn ecosystem in real estate, retail, hospitality & entertainment. The token, built by @lykke, will be available to Emaar clients, with a possible public offering in 2020. Read more https://t.co/JGVBjHI9CO pic.twitter.com/mIXVk9gwyN
— Emaar Dubai (@emaardubai) March 11, 2019
The UAE-based Group is the developer of the towering Burj Khalifa and counts The Dubai Mall, Dubai Opera, and 19 hotels and resorts amongst its portfolio.
Existing $10 Billion Ecosystem
Emaar believe their new digital asset will be one of the world’s first referral and loyalty tokens “…giving access to an existing ecosystem of close to $10 billion.”
The press release also states that the company are considering launching an ICO in Europe “…within 12 months of the internal operational launch of the platform.”
Discussing the development, Chairman of Emaar Properties, Mohammed Alabbar, said “We have embraced the digital world even as we continue to build the most advanced and innovative physical structures…[and]…The Emaar community token marks a significant leap in our digital transformation journey.”
Lykke, registered in Switzerland, was initially conceived to create a global peer-to-peer marketplace for any financial asset.
Richard Olsen, Founder and CEO of Lykke, explained “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…[and will]…support Emaar’s mission to bring value and utility to millions of users globally.”