Real estate giant Emaar Properties plans to develop a community token for its customer base and partners by the end of this year.
Emaar is opening its multibillion-dollar business to billions of internet users whereby its community token will act as a utility token for its loyalty and referral reward system. This will allow its customers across its service chain — to include real estate, malls, hospitality, entertainment, facilities management, and online shopping to leverage the incentive model of the emerging technology of the blockchain.
Chairman of Emaar Properties Mohamed Alabbar implied that this development will in a way improve user experience as they continue to leverage frontier digital technologies to offset their prowess in landscape development. He 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.”
Emaar has a significant market presence in the Middle East and North Africa region, having delivered over 51,800 residential units in Dubai and other global markets since 2002, and the Burj Khalifa which is asserted to be a global icon alongside the world’s largest shopping mall, the Dubai Mall. The crypto token feat is important to the company as Alabbar has said “the Emaar community token marks a significant leap in our digital transformation journey”, more so it is also considering an initial coin offering in Europe within 12 months of the launch of the platform.
As per the press release, Swiss-based blockchain company Lykke AG, a firm focused on bringing financial technology to the masses has been contracted to build Emaar’s platform on the Ethereum blockchain, suggesting the token will be ERC-20 compliant. Lykke AG seems to have developed many useful technologies focused on adoption, founder and CEO Richard Olsen expressed his enthusiasm towards the initiative taken by Emaar. He remarked: “We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”
Blockchain’s utility continues to spread beyond the fintech industry and finds more practicality in various sectors of the economy. In the real estate market, cryptocurrency is increasingly being used as a means of payment for properties, with a long list of real estate market operators world over-relying on the blockchain’s digital asset class to facilitate payments. The practice which dates back to late 2017 has seen more frequent use in recent times.
Last month, Bitcoin News reported luxury apartments put on sale with Bitcoin suggested for settlement. Meanwhile, the first blockchain-based real estate transaction may have been completed in Switzerland as a report finds an approximate USD 2.98 million used in the purchase of a restaurant and 18 apartments.
A recent report revealed that the Turkish real estate market is now open to Bitcoin, with houses now available with as little as 9 bitcoins.
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