Emaar to launch its own cryptocurrency, considers ICO

  • by Ahmed Mamdouh
  • March 11, 2019, 22:21 AM
  • 260 Views
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Emaar, the real-estate mammoth based in Dubai, UAE, said on Monday it will launch its own cryptocurrency and announced plans to hold an initial coin offering in Europe.

The constructor of Burj Khalifa , the world’s tallest building, is considering the launch of “Emaar community token” by the end of 2019, relying on the Ethereum blockchain (ERC-20 standard) through a partnership with Swiss crypto startup Lykke AG.

The new coin will be used within Emaar’s holdings such as shopping malls, targeting a wide internet user base of nearly 1 billion.  

“The Emaar community token marks a significant leap in our digital transformation journey,” said Emaar Properties chairman Mohamed Alabbar.  

On the other hand, Lykke CEO Richard Olsen expressed his pleasure to co-operate with Emaar.

Still, there is not enough details about the ICO, but it should be held within 12 months of the token’s initial inauguration.

As of 18:18 GMT, the Ethereum traded 1.75 percent down at $133.88, while the Bitcoin was 0.93 percent lower at $3,902.02, according to CoinMarketCap.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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