Damex is targeting the Isle of Man’s iGaming sector with a new acquisition

Gibraltar-based crypto payments provider Damex Group is setting up operations in the Isle of Man after acquiring Blackfridge EX for an undisclosed amount.

The acquisition represents a strategic investment by Damex in the Isle of Man’s financial services sector and enables the provision of its services to the jurisdiction’s iGaming sector.

“Building a presence on the island has become an increasingly important part of Damex’s business strategy and we are pleased that through this investment we can now support and integrate the local community and its diverse industries,” said Damex CEO Sam Buxton.

Following the acquisition, Blackfridge EX CEO Mike Crosbie and Chief Commercial Officer Grecia Ballard will continue to lead the company’s operations from the current Blackfridge office.

“It is great news that an organization of Damex’s stature and reputation has decided to establish a permanent operation here on the Isle of Man,” Crosbie said. “We are delighted to be part of it and look forward to further developing and expanding the company in the future.”

Blackfridge EX is registered as a virtual currency service provider with the Isle of Man Financial Services Authority.

Source link