A Dubai-based real estate giant Emaar announces its plan to launch a token, along with a consideration of holding an initial coin offering (ICO) in Europe as reported by English-language local media Arabian Business on March 11.

As per the reports, the said token will be developed by Lykke, a Swiss blockchain startup and will enable Emaar’s customers and stakeholders to access the referral and loyalty system across the entire company. Being the largest real estate company in the United Arab Emirates (UAE), Emaar is behind the city’s most loved icons such as the Burj Khalifa, Dubai Fountain, Dubai Mall and Dubai Opera.

The  Wikipedia page of Emaar Properties illustrates a revenue of $5.83 billion and has been valued at $9.7 billion as of June last year. As per  Arabian Business, Emaar’s revenue grew by 37 percent last year to $7 billion.

The ICO

The publishing further notes that Emaar likely consider holding an ICO in Europe within a year of the internal operational launch of the platform. Lykke, the startup developing the token will reportedly comply with the ERC-20 standard and release it on the Ethereum (ETH) blockchain.

The global head of human resources at Lykke, Maud Simon confirmed the plans over the ICO.

Read more: Free Economic Zone In Dubai Issues License To Cryptocurrency Firms

Image from Emaar Twitter

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