The developers of the Burj Khalifa, the famous Dubai monument, also known as the tallest building in the world, Emaar Properties is at it again, and this time, they are going the crypto way. Through an action which can be termed generous, the Dubai Mall developer is working on a reward token for its loyal customers, and it is named the EMR token.
The EMR token which is designed to work on Quorum, a blockchain platform owned by JPMorgan, will find usage in all Emaar’s holdings like malls, e-commerce operations and hotels. Not only that, but the token can also be exchanged between users.
The release date for the EMR token and the blockchain platform seems to fall within the same period. They are expected to launch by the end of 2019.
A Global Pacesetter
Emaar is a company known for groundbreaking innovations and it’s not surprising that it has embarked on yet another pioneering venture, the EMR platform. The token will have real monetary value, and this will be ensured through external trading platforms. Users will be able to earn and redeem their tokens on the platform through an EMR app which will be available on both iOS and Android.
The EMR token is designed to serve as a utility asset as confirmed by the Emaar chairman, Mohamed Alabbar. Alabbar was quoted saying:
“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.”
Controversies Surrounding the Emaar Project
Sometime in March, news broke that Emaar was in partnership with Lykke, a Swiss blockchain startup, for the design of its token. In the same period, the company announced that an initial coin offering (ICO) was in the future for the token upon its launch. This intended ICO is scheduled to happen in Europe, a year after the platform’s internal operational launch.
Emaar has also squashed all rumors alleging that it now accepts payments for properties via cryptocurrency. The company clarified that all property payments must be made using only fiat currencies like US dollars or UAE dirhams. This explanation was needed after it was reported that customers were being allowed by the Emaar brand to pay for properties via top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).