Burj Khalifa owner plans initial currency support (ICO)

The real estate company responsible for the tallest building in the world wants to develop its own digital currency. So plan for the ICO process soon.
Emaar, one of the largest developers in the United Arab Emirates and the company behind the 3,000-strong Burj Khalifa, announced on Monday it plans to develop a primary currency for the Emaar community, its customers and partners by the end of 2019. With the ultimate aim of launching the initial currency support process (ICO) .
The company will partner with Lykke AG, a Swiss-based digital currency company to create a digital currency on ERC-20. Once developed, Emaar plans to use the primary currency as a referral and loyalty system, according to a press release.
Customers will be able to use the initial digital currency in any Emaar property, including shopping malls, leisure facilities, online shopping or other properties. Using community digital currency, Emaar targets a potential user base of 1 billion Internet users.
Initial Currency Support Process (ICO)
A few details have been released about Emaar’s ICO, but the company plans to complete it within 12 months of the initial currency launch. Currency will be available only to European buyers. Emaar did not say how much money it would collect.
In a statement, Emaar Properties Chairman Mohammed Alabbar said the company is looking to expand Emaar’s experience, adding:
“We have embraced the digital world even as we continue to build the most sophisticated and innovative physical structures, and use them both to delight and benefit our customers and stakeholders worldwide. The Emaar community currency is a major leap forward in the digital transformation “
In addition to Burj Khalifa, Emaar has developed and owns Dubai Mall (the second largest shopping mall in terms of total area), Dubai Opera, Dubai Fountain and a number of other properties.
Richard Olsen, chief executive of Lykke, said in a statement that the company had already developed an advanced technological infrastructure ready to be used on the market on a large scale.
“We are delighted to take advantage of our expertise and expertise to support Emaar’s mission to bring value and benefit to millions of users worldwide.


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