Emaar, based in Dubai, is mostly known as a major real estate company, but it looks like the giant wants to conquer another industry – cryptocurrency.
In reports from local media Arabian Business, it appears that Emaar has chosen to launch their own token, which may be followed by an initial coin offering (ICO) to be hosted in Europe.
According to the article from Arabian Business, Swiss blockchain startup Lykke will be responsible for the development of the coin. Their agreement also entails access to the referral and loyalty system to be offered to customers and stakeholders.
Right now, Emaar has the honor of being the largest real estate company in the United Arab Emirates (UAE), which makes them responsible for the Burj Khalifa, Dubai Fountain, Dubai Mall and Dubai Opera.
The article continues, saying that there is presently a consideration for a European ICO, which would happen within a year of the platform’s internal operational launch. Lykke plans to comply with the ERC20 standard, subsequently releasing the token on the Ethereum blockchain.
Speaking with Cointelegraph, the global head of human resources at Lykke, Maud Simon, has confirmed their arrangement with Emaar. However, last month, Emaar Properties denied rumors that cryptocurrency payments would be used for property.
As of June, last year, Emaar Properties had a valuation of $9.7 billion, and has $5.83 billion in revenue. Furthermore, the revenue of the company grew by 37% last year, reaching $7 billion.