A real estate giant named Emaar and coming from Dubai (UAE) has recently announced its plans to launch an Ethereum based token and an initial coin offering (ICO) in Europe, according to the reports by an English-language local media outlet named Arabian Business.
As the article in the cryptocurrency news section notes, this token will be developed by the Swiss blockchain startup Lykke which will allow Emaar’s customers and stakeholders to access to the referral and loyalty system across the entire company. Currently, Emaar is the largest real estate company in the United Arab Emirates (UAE) and stands behind buildings and landmarks such as the Burj Khalifa, the Dubai Fountain, the Dubai Mall and the Dubai Opera.
As the Wikipedia page lists, Emaar Properties now boasts a revenue of $5.8 billion and was valued at almost $10 billion last year. As sources close to the media outlet noted, its current revenue grew by 37% last year to $7 billion.
The article also notes that Emaar is planning an ICO in Europe within a year of the launch of this platform. The startup that is developing the token, Lykke, will reportedly comply with the ERC-20 standard and release it on the Ethereum (ETH) blockchain.
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Meanwhile, Emaar Properties has denied reports that it enabled crypto payments for property.
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