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Real Estate Agent Emaar announces Plan to launch Crypto Token


Dubai-based real estate giant Emaar recently announced plans to launch a token. Further, the real estate giant may also hold an initial coin offering (ICO) in Europe. The news came through a leading media outlet Arabian Business. 

Per the report, Swiss blockchain startup Lykke will be granting Emaar’s customers and stakeholders access to the loyalty system and referral across the entire system.

From the Chairman’s Desk

Mohamed Alabbar, chairman of Emaar Properties, 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 Emaar community token marks a significant leap in our digital transformation journey."

Emaar has increased its revenues by 37 percent in 2018 to $7 billion. Also, it increased its brand value by 39 percent to $2.7 billion. This move placed it placing it among the highest tier brands in the world.

Richard Olsen, founder, and CEO of Lykke added:

“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 the size of the contribution. We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”

Blockchain and Real Estate

On 21st February CoinMarketFeed reported, New World Development, a property building firm and Hong Kong Applied Science and Technology Research Institute ( ASTRI) are all set to launch a blockchain platform- PropTech-  for home buyers. Reportedly, the Bank of China will be their first bank user.

The platform aims to completely replace paperwork operations. These include signing mortgage applications, signing lease documents and purchase agreements. Moreover, it will allow users to send the purchaser’s encrypted, authorized and digitally signed agreement ( provisional) to some selected banks.

CAAO to Study Blockchain

The County Auditor’s Association of Ohio (CAAO) also announced the formation of an active group to study distributed ledger technology for the effective transfer of property deeds. The group to be formed will purportedly test the use of distributed ledger technology for bringing efficiency to management and execution to real estate transactions.

In addition, to transfer of land titles across several nations. Moreover, their ongoing projects will be scrutinized by SafeChain member Tony Frano. This step will help the association set measurable goals also build on operating principle for the new technology.