Dubai-based real estate giant Emaar has announced plans to launch a token and is considering holding an initial coin offering (ICO) in Europe, English-language local media Arabian Business reports on March 11.

Per the article, the token will be developed by Swiss blockchain startup Lykke, and will grant Emaar’s customers and stakeholders access to the referral and loyalty system across the entire company. Emaar is the largest real estate company in the United Arab Emirates (UAE), responsible for the Burj Khalifa, Dubai Fountain, Dubai Mall and Dubai Opera.

According to its Wikipedia page, Emaar Properties boasts a revenue of $5.83 billion and has been valued at $9.7 billion as of June last year. Moreover, according to Arabian Business, Emaar’s revenue grew by 37 percent last year to $7 billion.

The article further notes that Emaar will also consider holding an ICO in Europe within a year of the internal operational launch of the platform. The startup developing the token, Lykke, will reportedly comply with the ERC-20 standard and release it on the Ethereum (ETH) blockchain.

Maud Simon, global head of human resources at Lykke, confirmed the plans to Cointelegraph.

As Cointelegraph reported in February, Emaar Properties has officially denied reports that it enabled crypto payments for property.

Also in February, the County Auditors’ Association of Ohio announced the formation of a working group to study the use of blockchain for the effective transfer of property deeds.