Leading blockchain casino platform FunFair has become the first to be approved for a token-based supplier licence from the Isle of Man.
The licence will allow FunFair to operate in full compliance within the Isle of Man’s tier one gaming framework.
The Isle of Man is well established within the gambling industry, with a number of major operators holding licences from the jurisdiction, including the likes of PokerStars, 188Bet and BetVictor.
In a statement, FunFair said the licence would further enable it to “drive home the huge benefits of blockchain and the FunFair platform to igaming companies through [its] white-label and operator licensed offering”.
As part of the licensing process, FunFair Holdings (IOM) Ltd has been founded, based on the Isle of Man, to work alongside regulatory bodies on the island.
“We’re incredibly proud and excited to have been approved for a license from a tier one gaming jurisdiction,” said FunFair CCO Stefan Kovach.
“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.”
And Lyle Wraxall, CEO of Digital Isle of Man, added: “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.”
FunFair’s $FUN token was trading up 9 percent following the news, for a market cap of $19.2 million.