Emaar properties a Dubai based real estate giant has released its blockchain token-based referral and loyalty program. The real estate giant developed the world’s tallest building, Burj Khalifa as well as the Dubai Mall.
EMR Token Can Provide a Real Monetary Value
On Oct 17. Arabian Business reported that it is planning to launch the EMR token to reward its customers.
EMR tokens will be based on JPMorgan’s blockchain platform Quorum. It will be redeemable not only within the Emaar’s real estate network but also with other users.
The report suggests that both EMR token, as well as the blockchain platform, are expected to be released by the end of the year.
The real estate developer states that the EMR platform is the first of its kind project to be launched globally. The token can provide a real monetary value through trading with external trading platforms.
First Project of Its Kind Globally
The platform for earning and redeeming the tokens is available via dedicated EMR mobile application on Android and iOS, the report notes.
Emaar chairman Mohamed Alabbar reportedly confirmed that EMR will be considered a utility token by the company. He claimed:
“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.”