Burj Khalifa Owner Is Launching Utility Token on JPMorgan’s Blockchain
NEWS
October 17  |  2 min read

Owner of World’s Tallest Building Launches Utility Token on JPMorgan’s Blockchain

The COIN360 Editorial Team

The Emaar Group, the real estate giant from Dubai responsible for the 2,722 ft (829.8 m) tall Burj Khalifa building, has announced in a new press release that they will reportedly be releasing a utility token—dubbed ERM—on Quorum, JPMorgan’s version of the Ethereum network. The real estate company previously announced in March plans for releasing a community token.

The main use case for EMR tokens is to be one of the main components of the referral and loyalty program that will reportedly reward customers of Emaar’s different ventures, which include commercial and residential properties, malls, and hotels. In addition to this, EMR tokens will be also tradeable between users.

The press release also announces the future launch of a proprietary EMR token mobile app for both Android and iOS, which will enable customers to earn and redeem tokens or access Emaar’s referral and loyalty systems.

Emaar chairman Mohamed Alabbar was quoted as 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.” Hadi Kabalan, Emaar’s Director of Tokenization, echoed the sentiment stating, “our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation.”