Emaar Group is planning to launch a token based on Ethereum which will be useable by customers across its whole range of retail, hospitality, entertainment outlets as well as real estate and facilities management.
The company, which operates malls, hotels, e-commerce and real estate and other developments across the UAE, has contracted Swiss-based Lykke AG to build the token technology.
Emaar says it plans to offer the blockchain-based tokens for its customers and partners by the end of the year. The community token, based on the Ethereum blockchain and the ERC20 token framework, will be transferable across the entire global Emaar ecosystem.
Emaar said it will also consider an initial coin offering (ICO) in Europe within 12 months of launch.
Mohamed Alabbar, Chairman of Emaar Properties, 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. The Emaar community token marks a significant leap in our digital transformation journey."
Richard Olsen, Founder and CEO of Lykke, said: "We have developed cutting edge technology infrastructure with mass-market usability to support our core belief that all mobile and internet users should be able to participate in economic activity, regardless of size of contribution. We are thrilled to leverage our experience and expertise to support Emaar's mission to bring value and utility to millions of users globally."