The owner of the world’s tallest building, the 3,000 foot Burj Khalifa, is preparing an ICO (initial coin offering) for later this year. Yes, an ICO! The Emaar Group, one of the largest real estate developers in the United Arab Emirates and the owner of that super tall building, is planning to develop and offer the “Emaar community token” by the end of the year. Buyers of the Emaar tokens (which the firm calls a “referral and loyalty” token) will be able to use the tokens at any of Emaar’s massive holdings. They include entertainment facilities, malls, online shopping venues and, of course, other things at that 3,000 foot tower. Oh yes, they are looking at a potential user base of over 1 billion internet users. So, looks like the death of ICO’s is just fake news.
(Bill Taylor/Fintek Capital)
“The real estate firm in charge of the world’s tallest building wants to develop its own crypto token.
Emaar Group, one of the the United Arab Emirates’ largest real estate developers and the firm behind the nearly 3,000 foot tall Burj Khalifa, announced Monday that it was planning to develop the “Emaar community token” for its customers and partners by the end of 2019, with an ultimate goal of launching an initial coin offering (ICO).
The firm will partner with Lykke AG, a Switzerland-based crypto startup to build an ethereum-based token designed to comply with the ERC-20 standard. Once it is developed, Emaar plans to use the token as a referral and loyalty system, according to a press release.
Customers will be able to use the token at any of Emaar’s holdings, including its malls, entertainment facilities, online shopping venues or other properties. With the community token, Emaar is targeting a potential user base of 1 billion internet users.
Few details have been released about Emaar’s ICO, but the company intends to conclude it within 12 months of the token’s initial launch. It will be available only to European buyers. Emaar did not say how much money it intends to raise…”