Decentralised B2B casino platform FunFair Technologies is lauding “another industry first,” after the firm was approved for a tier one token based supplier licence from the Isle of Man.
Through securing the approval, the blockchain casino technology provider stresses that it forms a key aspect of its ongoing growth aspirations, as well as wider business strategy focusing on regulated gambling in the blockchain space.
Stefan Kovach, CCO at FunFair Technologies, said of the licence approval: “We’re incredibly proud and excited to have been approved for a license from a tier one gaming jurisdiction.
“Not only does this legitimise FunFair’s blockchain gaming ecosystem, but it also keeps us right there as a leader at the forefront of regulated, decentralised technology and token-based gambling”
Securing the supplier licence is to enable the firm to operate within the framework of a tier one gaming jurisdiction, ensuring full compliance with its regulations and further safeguarding FunFair-powered casino customers and end users.
Furthermore, it also places the company in front of the Isle of Man’s licensees, enabling it to drive home the benefits of blockchain and the FunFair platform to igaming companies through their white-label and operator licensed offering.
As part of the licensure process, FunFair has also established FunFair Holdings (IOM) Ltd, which is based in the Isle of Man and is to work closely with regulatory bodies and other licensed organisations based out of the island.
Lyle Wraxall, CEO of Digital Isle of Man, explained: “Digital Isle of Man is delighted to welcome FunFair to the Isle of Man as the first operator to obtain a token-based software supplier licence in our jurisdiction.
“The agency is continually working to develop the Island’s digital sectors, and what makes this license so exciting for us is that it links two of our key sectors; egaming and blockchain.
“As an addition to our cluster of digital stakeholders, FunFair will offer opportunity for existing Isle of Man operators to take on new products as a result of the license.”
Both Kovach and Wraxall are to participate in next week’s CasinoBeats Summit, as part of a panel titled ‘Does Blockchain have a future in online casino?’ which takes place on Wednesday 18 September at 14:10 – 14:50.
The event is to welcome up to 1,000 delegates to West London on 17-20 September, offering visitors four conference tracks and unrivalled networking opportunities with as many as 200 operators present, along with regulators, leading suppliers, payment companies and marketers.
The CasinoBeats Summit takes place at Olympia London on September 17-20, alongside Betting on Sports – learn more and buy tickets for the CasinoBeats Summit here.
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