Quanta Technology Limited (QTL) has been granted a licence to operate and develop their business on the Isle of Man.
The company, whois based in the Isle of Man, operates the first fully compliant blockchain lottery in the world.
Lee Hills, director of Quanta Technology Limited, commented: ‘As the first blockchain gambling business in the world to obtain a reputable gambling licence, we have negotiated significant regulatory and operational hurdles. Our business partners on the Isle of Man and the Department of Economic Development have been extremely knowledgeable and helpful throughout the process of establishing operations on the Island.
“We are delighted to have found in the Gambling Supervision Commission, an incredibly supportive regulator, committed to understanding our unique technology, while maintaining absolute dedication to the principles of ensuring the Island’s gambling industry remains crime free, protects the young and vulnerable, and ensures our services are fair and that players receive their true winnings.”
Built on the Ethereum blockchain, Quanta utilises smart contracts for ticket sales, the selection of winners and prize pay-outs. The system allows for fully autonomous, transparent, manipulation-proof gaming.
Developed with breakthrough Random Number Generation (RNG), the first provably fair lottery can operate independently or be adopted as a white label solution.
Daphne Caine MHK, the Department Member with responsibility for e-Gaming commented: “We are delighted to welcome a new company to one of the Island’s fastest growing sectors. The Isle of Man is a leading jurisdiction for online gaming and blockchain operations, with a well-established digital business ecosystem and community. The Isle of Man’s regulations and compliance procedures are specifically designed to accelerate cryptocurrency and e-Gaming industry growth on the Island. I would like to wish Quanta the best of luck with their future operations.”