Damex acquisition of Blackfridge boosts Isle of Man’s iGaming sector

The recent acquisition of Blackfridge EX by the Damex Group, a Gibraltar-based crypto payments services provider, marks a significant strategic investment in the Isle of Man’s financial services sector. This move is particularly noteworthy as it enables Damex to extend its services to the jurisdiction’s expanding iGaming sector.

Damex’s decision to establish a presence on the Isle of Man aligns with its broader business strategy. As Damex CEO Sam Buxton (pictured above), expressed, the company is delighted to integrate with the local community and its diverse industries through this investment. The acquisition of Blackfridge EX, a company registered with the Isle of Man Financial Services Authority as a virtual currencies service provider, facilitates this integration.

Following the acquisition, Blackfridge EX will continue to operate under the leadership of CEO Mike Crosbie and Chief Commercial Officer Grecia Ballard from its current office. The continuity in leadership ensures that the company’s operations remain stable and efficient during this transition.

The acquisition demonstrates Damex’s reputation and stature in the industry. As Crosbie noted, it’s exciting news that an organization of Damex’s calibre has decided to establish a permanent operation in the Isle of Man. The local community shares this excitement, looking forward to the development and growth of the business in the future.

The Isle of Man is known for its robust financial services sector, and the addition of a crypto payments services provider like Damex further diversifies the industry. The iGaming sector, in particular, stands to benefit significantly from this development. With the integration of crypto payment services, the sector can expect to see increased efficiency and security in transactions, enhancing the overall gaming experience for users.

Moreover, the acquisition aligns with the global trend of increased adoption of cryptocurrency and blockchain technology in various sectors, including iGaming. By leveraging the potential of these technologies, Damex is well-positioned to drive innovation and growth in the Isle of Man’s iGaming sector.

Damex’s acquisition of Blackfridge EX represents a strategic move that not only expands its operations but also contributes to the growth and diversification of the Isle of Man’s financial services and iGaming sectors. As the company integrates with the local community and industries, it’s expected to bring about positive changes and advancements in the years to come. This acquisition is a clear indication of Damex’s commitment to innovation and growth, reinforcing its position as a leader in the crypto payments services industry.

Diverse and sustainable sector in the Isle of Man

The Isle of Man, a self-governing British Crown dependency, is a vibrant hub for financial services, hosting an array of companies that contribute to its diverse economic landscape. Among these, two firms stand out for their significant contributions.

Firstly, Hansard Global, a worldwide enterprise, is renowned for delivering innovative financial products and services. Secondly, the Manx Financial Group, a comprehensive financial services group, offers a variety of services, including asset finance, consumer loans, and wealth management.

These companies, along with others, operate under the watchful eye of the Isle of Man Financial Services Authority, the regulatory body responsible for overseeing the sector. The financial services sector is a major contributor to the Isle of Man’s economy, accounting for approximately 48 percent of its total output. This sector is broad and includes banking, insurance, pensions, fiduciaries, and funds.

Interestingly, the Isle of Man holds the unique distinction of being the only finance centre in the world located within a UNESCO Biosphere, underscoring its commitment to sustainability and green initiatives. Furthermore, the International Monetary Fund recognizes the Isle of Man as a well-regulated Finance Centre of Excellence, a testament to its high standards and robust regulatory framework. This combination of diversity, innovation, and regulation makes the Isle of Man’s financial services sector truly exceptional.

SiGMA Africa event kicks off in Cape Town, South Africa on the 11 March. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Group recognizes the need to foster collaboration and innovation within the industry.

The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable networking opportunities for industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets.