Firm Behind World’s Tallest Building Burj Khalifa Planning An ICO
The firm behind Burj Khalifa, the world’s tallest building, has announced its plans to offer a crypto token.
United Arab Emirates-based Emaar Group, among the country’s biggest real estate developers, announced on Monday, March 11 that it would be launching what it called the “Emaar community token” before the end of the year.
Officially inaugurated in 2010, the Burj Khalifa is a magnificent skyscraper towering nearly 3,000 feet into the Dubai skyline.
The real estate developers want to launch an initial coin offering (ICO) for the crypto token. In the Monday announcement, the Emaar Group said that the upcoming token would be for the firm’s customers and partners.
To facilitate its plans, the firm is looking to partner Switzerland-based startup Lykke AG, with the crypto firm helping Emaar to develop an Ethereum-based (ERC20) crypto token.
As per its press release, the Dubai-based property developer will use the cryptocurrency in its referral as well as loyalty systems.
The target is to have customers use the token when transacting at any Emaar Group facility, including malls, online shopping venues, entertainment joints, and other amenities, or at other firm properties.
Emaar will reportedly use the coin to rope in a user base of up to 1 billion people that use the internet.
Although the firm has availed few details regarding the ICO, reports indicate that the company will close the offering within 12 months after it launches the token sale.
Emaar has not disclosed the amount of money it targets from the ICO. However, the sale will be made available to European buyers.
According to Mohamed Alabbar, the chairman of Emaar Properties, the token offering will give the company an avenue to extend its “experience” to the global community.
Alabbar noted that the firm had “embraced the digital world” and that the token would provide a huge step in the company’s digital transformation journey.
Other than the Burj Khalifa, the Emaar Group are also the developers and owners of other top properties in the country, including the Dubai Mall, the Dubai Opera, and the Dubai Fountain.
The CEO of Lykke, Richard Olsen, said that the crypto startup was thrilled at the partnership and that the firm’s team would use their experience and expertise to help Emaar reach its goals of bringing “value and utility” to the global community.
Olsen added that Lykke’s infrastructure employed “cutting-edge technology,” and that it is available for mass adoption.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.