Owner of Burj Khalifa Launching its Native Token on JPMorgan’s Blockchain
Emaar Group, the Dubai-based real estate giant in possession one of the tallest buildings in the world Burj Khalifa, is launching its native token EMR later this year.
EMR tokens will be built on JPMorgan’s blockchain network Quorum. 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,” group stated.
Also, Emaar will launch a mobile app which will help them earn or redeem EMR tokens. It is expected to get released “before the end of the year.” (Neutral)
Major Singapore Bank Completes First DLT Trade Financing Transaction
A Singaporean banking branch of CIMB Group, one of the largest Asian investment banks, has completed its first blockchain-based trade financing transaction.
The transaction was processed using a blockchain and Internet of Things (IoT) platform developed by local trade financing firm iTrust Trading, Yahoo Singapore reports Oct. 17.
By applying iTrust’s blockchain-based IoT, CIMB intends to minimize the risks associated with commodity trade financing and facilitate credit extension for its customers by gaining access to real-time monitoring of the cargo data in transit and in the warehouse.
The technology reportedly provides all stakeholders with secured accessibility and data integrity of digital documents that are recorded on a distributed ledger.
Mak Lye Mun, CEO of CIMB Singapore, noted that the implementation of the iTrust’s technology enables the bank to support its clients more efficiently and cost effectively by mitigating fraud risks and alerting any unauthorized movement of the financed cargo. The company also plans to collaborate further with iTrust on technology applications in other markets.
Headquartered in Malaysia, CIMB Group is the fifth-largest banking group in the Association of Southeast Asian Nations (ASEAN) and one of the biggest Islamic banks. With 36,000 employees located in 16 counties, the group has a market capitalization of $48 billion at publishing time. (Positive)
Huobi to Open Fiat Gateway with Lira-USDT Pairing in Turkey
Global crypto exchange Huobi plans to roll out a fiat gateway in Turkey that could increase access to more than 250 cryptocurrencies for local investors.
The move comes as Turkey puts forward a clearer legal framework for the crypto market in a country where many people already hold cryptocurrencies, Mohit Davar, Huobi’s EMEA regional president.
The company is announcing the project at the Eurasia Blockchain Summit in Istanbul on Friday.
The fiat gateway would enable transactions between local fiat currency Lira and dollar stablecoin Tether (USDT). Once users purchase tether through their bank account, they could trade it with any other cryptocurrencies on Huobi Global.
The company believes that the Lira-USDT pairing makes transactions in the local market much easier, compared to offering hundreds of pairing between Lira and the other cryptocurrencies.
“It’s very difficult for any exchange to offer liquidity in the 250 coins that we hold against the local currency,” Davar said. (Positive)