Emaar Group to Launch EMR Tokens
October 18, 2019 9:56 pm
Emaar Properties, Dubai-based real estate giant has planned to launch its new blockchain token-based referral and loyalty platform. The world’s tallest building, the Burj Khalifa and Dubai Mall was developed by Emaar. According to Arabian Business’ reports, the firm is planning to launch the EMR token for rewarding its customers.
The report says, using JPMorgan’s blockchain platform Quorum, EMR tokens will be redeemable not only within Emaar’s real estate network, but also including hotels, e-commerce operations, and malls, but also can be traded with other users. Both the blockchain platform and EMR token are expected to be released in late 2019.
According to Emaar, its EMR platform is the first project of its kind being launched globally. It also mentioned that its token provides real monetary value through external trading platforms. The platform can be used to earn and redeem the tokens that are available via a dedicated EMR mobile application on Android and iOS, the report notes. Emaar chairman Mohamed Alabbar said that EMR will be considered a utility token by the company.
“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.”