Emaar Properties, the renowned Dubai-headquartered real estate behemoth, has unveiled a referral and loyalty program based on its own blockchain token.
Emaar, the developer behind Burj Khalifa, the world’s tallest building, and the Dubai Mall, intends to introduce the EMR token for rewarding its clients.
EMR tokens, which are based on JP Morgan’s blockchain platform Quorum, are redeemable at hotels, ecommerce platforms and malls that come under Emaar’s real estate network, in addition to exchange between other users.
Both the EMR token and blockchain platform is anticipated to be unveiled in late 2019.
Emaar emphasized that its EMR platform is the first venture of such kind to be unveiled worldwide, pointing that its token offers real monetary value via third party trading platforms. The platform for getting token rewards and redeeming it is offered through specialized EMR mobile app for Android and iOS.
Emaar Chairman Mohamed Alabbar affirmed that EMR will be regarded as a utility token by the enterprise. He asserted:
“We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”
Back in March, Emaar started creating the token in collaboration with Swiss blockchain startup Lykke. At that time, Emaar revealed its interest to carry out an initial coin offering (ICO) in Europe within a year of in-house launch of the platform.
Earlier, Emaar rejected news reports that it has facilitated crypto payments for real estate. The company clarified that it is accepting only fiat currencies such as UAE dirhams or the US dollars. The media reports stated that the company permitted clients to acquire property with cyrptos such as Bitcoin (BTC) and Ether (ETH) as payment.
