Emaar Group, the Dubai-based real estate developing giant behind the nearly 3,000 foot tall Burj Khalifa, the world’s tallest building, is launching its native token EMR later this year.
EMR tokens are built on JPMorgan’s blockchain network Quorum, according to a press release shared with The Block on Thursday. The "utility" tokens will be used by Emaar to reward its customers as part of a referral and loyalty program.
“EMR tokens will not only be redeemable in Emaar’s real estate, hotels, ecommerce operations and malls, but can also be traded with other users,” said the group, which has also developed the giant Dubai Mall.
Emaar will launch a mobile app, for both Android and iOS users, which will help them earn or redeem EMR tokens, per the announcement. It is expected to get released “before the end of the year.”
The group initially announced its plans to launch a token in March. At the time, it also announced its plans to launch an initial coin offering in Europe.