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Dubai Emaar Properties To Develop a Platform and Issue EMR Token

18 October 2019 13:16, UTC

Dubai-based real estate giant Emaar Properties to develop a new blockchain-based referral and loyalty platform. It is planned to issue an EMR token to reward its customers, according to the local outlet, Arabian Business.

Emaar is known for building the tallest building in the world, Burj Khalifa, as well as Dubai Mall. Based on the JPMorgan Quorum blockchain platform, EMR tokens can be spent not only on the Emaar network, including hotels, e-commerce operations and shopping centers, but also exchanged with other users.

Both the platform and the EMR token are expected to be released at the end of 2019. Emaar emphasized that the EMR platform is the first project of its kind in the world, noting that its token provides real cash value through external trading platforms. Emaar chairman Mohamed ALABBAR confirmed that EMR will be considered a utility token.

Earlier, Emaar denied rumors that the company allowed the acceptance of cryptocurrency payments for the acquisition of property, noting that it accepts only fiat currencies, including UAE dirhams or US dollars.