The tallest building in the world, the Burj Khalifa in Dubai, United Arab Emirates, could also be the first to have its own cryptocurrency. UAE property developer, the Emaar Group, who own Burj Khalifa, have partnered with Swiss startup Lykke AG to develop and launch a community token. An initial coin offering (ICO) will be considered in Europe within 12 months of the internal operational launch of the platform
The press release said that the Emaar token will allow their customers and stakeholders “to reap the value of a full referral and loyalty system across the entire group, cementing the global brand and opening the Emaar experience potentially to billions of internet users”.
Reaping the value means clients will be able to use the tokens across the entire global Emaar complex, including real estate, shopping malls, hospitality, entertainment, facilities management and online shopping.
This will be an industry first. Emaar are the developers of The Dubai Mall, Dubai Opera and the Dubai Fountain as well as Burj Khalifa. They are the world’s biggest property company outside China, and the largest by listed market capitalisation in the Middle East and North Africa (MENA) region under the MSCI Emerging Markets Index.
Swiss-based Lykke AG is leading the technology build of the token based on the Ethereum blockchain and the ERC20 token framework.
Token Means Membership Of A Loyalty Scheme
“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,” said Richard Olsen, Founder and CEO of Lykke. “We are thrilled to leverage our experience and expertise to support Emaar’s mission”.
Mohamed Alabbar, Chairman of Emaar, 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 ICO will offer membership to a loyalty scheme, and will not bestow any ownership of the Burj Khalifa building itself.