Blockchain Lottery Platform Quanta Receives Isle of Man Gambling License

Announcements, Blockchain, Regulation | November 3, 2017 By:

Blockchain lottery platform Quanta has officially been certified to operate and develop its business on the Isle of Man. The Isle of Man Gambling Supervision Commission has approved the application of the company to obtain a gambling license.

Built on the ethereum blockchain, Quanta utilizes smart contracts for tickets sales, the selection of winners and prize payouts, thus claiming fully autonomous, transparent, manipulation-proof gaming. Developed with Random Number Generation (RNG), the lottery can operate independently or be adopted as a white label solution. The company’s decentralized global network democratizes the experience by making it available to people regardless of border or economic status.

Quanta director Lee Hills said they have negotiated significant regulatory and operational hurdles just to obtain a reputable gambling license.

“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,” said Hills. “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.”

Department of Economic Development member Daphne Caine stated that 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,” said Caine. “I would like to wish Quanta the best of luck with their future operations.”