Blockchain Company, Kibo Lotto, Obtain Isle of Man Gambling Licence

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Local Trust and Corporate Service Provider Affinity Management Services are pleased to confirm that they have assisted in successfully obtaining approval for a full gambling licence for blockchain lottery company, Kibo Lotto. The Kibo Lotto platform boasts an innovative player protection model that solely relies on the concept of smart contracts using blockchain based distributed computing platform; Ethereum. This player protection model is the first of its kind and the first to be issued with approval for a licence by the Isle of Man Gambling Supervision Commission (“GSC”).

As a result of the new player protection model there will be no human intervention with the movement of player funds, mitigating the risk of funds being lost or misused. The model will also allow players to take comfort from knowing that their funds are secure and protected solely by the concept smart contracts.

Affinity Management Services’ Managing Director Andrew Morgan commented: “Affinity are very familiar with the gambling licence process however, when Kibo Lotto approached us, we were excited to get on board and work with the team in order to obtain an Isle of Man gambling licence using their new and unique player protection model. The model that has been integrated into the Kibo Lotto platform was new to us and also the GSC, we have had to work closely and cooperatively with the GSC to get the Kibo Lotto platform over the line. The next step for Kibo Lotto is to go live and we look forward to seeing the business go from strength to strength”.

Kibo Lotto’s Chief Operating Officer, Vladimir Kayshev, commented: “Our team feels privileged to be granted a Gambling License in the Isle of Man, and we feel honoured to have the confidence of the Isle of Man regulator. Our main goal is to satisfy needs dictated by modern lottery players, such as complete transparency, trust, instant winnings, global outreach, larger prize funds and robust security. These needs can now be met due to Blockchain and Smart contracts technology.

Finding the right partner was key in this process, hence we’d like to underline special gratitude to the whole Affinity Team, which have been very productive on many levels during this new journey.

We would also like to thank the GSC, who has been deeply involved in the process, and clearly possess sound knowledge of Blockchain technology.”

Kibo Lotto’s Head of Legal, Elena Mashina, added: “Kibo Lotto is the most transparent and innovative project in the gaming sector. It is pleasure to work with the Kibo team, to be a part of it and I am very proud that we are achieving such wonderful results. I am also very encouraged by the close cooperation with the GSC. Our future goal is to become the most popular blockchain lottery in the world and proceed with our licensing in other countries. The team are looking forward to launching.”  

For more information about locating your blockchain business in the Isle of Man, click here.



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