FunFair Technologies Approved for License
Market-leading blockchain casino platform FunFair Technologies has become the first company to be approved for a tier-one Token-Based Supplier License from the Isle of Man. The approval comes as a huge victory for the company, which is attempting to use technology to create a more fair, safe online casino experience.
Blockchain technology continues to revolutionize the online gaming industry © Equinix
The license will guarantee that FunFair can continue to expand its efforts to focus on regulated gaming within the blockchain space whilst ensuring that it complies with the Isle of Man’s gambling and blockchain rules. It will also ensure the protection of FunFair’s casino customers.
The approval has placed FunFair at the forefront of the Isle of Man’s other blockchain casino licensees. It also allows for the linking of the eGaming and blockchain sectors in the Isle of Man and opens the door to the development of new products and business opportunities in the region.
FunFair’s Chief Compliance Officer, Stefan Kovach, said “we’re incredibly proud and excited to have been approved for a license from a tier-one gaming jurisdiction“. He continued, adding that this would “legitimize FunFair’s blockchain gaming ecosystem”, indicating the brand’s view of its product as something that will only grow over time.
Kovach remarked that gaining the license “keeps up right there as a leader at the forefront of regulated, decentralized technology and token-based gambling”. It remains to be seen whether the firm’s position as a “decentralized” part of the tech industry will be furthered by an attempt to garner further accreditation from other jurisdictions.
Based in Singapore, FunFair Technologies established FunFair Holdings (IOM) Ltd in order to secure the Isle of Man license. This will be based on the Isle of Man and has been set up to streamline the collaboration between FunFair and the regulatory bodies.
Who Are FunFair Technologies?
FunFair Technologies is at the forefront of the Isle of Man’s blockchain casino licensees © Consensys
FunFair Technologies uses blockchain technology to help other businesses create online casinos that are more efficient, cheaper, faster, safer and fair. Because of the decentralized platform, it is protected from hackers and its use of tokens offers faster payments between players and providers.
Blockchain technology has been predicted to revolutionize the online casino industry, with over $1.5 billion already wagered with the technology in 2019. In 2018, FunFair launched CasinoFair, an online casino that guaranteed player protection and provable fairness.
Since then, the technology has continued to attract interest in the industry. In June 2019, gaming company RakeTheRake became the first external white-label to utilize the technology to create CryptoCasino, a Dublin-based platform that seeks to capitalize on the efficiency and fairness of blockchain-powered gaming.
