Damex targets Isle of Man iGaming sector with new acquisition

Gibraltar-headquartered crypto payments services 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, enabling the provision of its services to the jurisdiction’s iGaming sector.

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

Following the acquisition, Blackfridge EX CEO Mike Crosbie and chief commercial officer Grecia Ballard will continue to manage the company’s activities from the current Blackfridge office.

“It’s great news that an organisation of the stature and reputation of Damex has decided to create a permanent operation here in the Isle of Man,” said Crosbie. “We are excited to be part of it, and we look forward to developing and growing the business in the future.”

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