In 2017, the Gibraltar Financial Services Commission rolled out a Distributed Ledger Technology (DLT) regulatory framework, the first in Europe and a pioneering move globally. Recognizing the significance of this, Sam and Thomas took the opportunity to create their own business, leveraging the emerging opportunities in the digital asset space.
Initially, they identified the need for a regulated custodial solution that could provide security and trust in the management of digital assets, replacing physical devices such as the Ledger Nano X. They saw the need for a service that not only offered secure custody for high-net-worth individuals and institutions but also facilitated an on-ramp and off-ramp into the digital asset space from traditional fiat currencies like the euro, sterling, and dollar.
In late 2017, they took the decision to apply for a DLT licence from the Gibraltar Financial Services Commission - a huge overhead for a start-up business with only two staff, housed in a tiny office in an old tobacco factory.
In early 2019, a chance conversation with a company in the iGaming sector resulted in a change of direction for Damex as the potential for the use of blockchain and stablecoins in cross-border payments became apparent. Damex then focussed on this opportunity and as a result the business grew to over 20 staff very quickly.
In 2020, the company began to explore a partnership with Modulr Finance that would enable it to issue International Bank Account Numbers (IBAN's) so allowing clients to integrate their digital and fiat assets. This also led to the creation of a Lithuanian entity (Damex UAB) and the development of a local team there.
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Helping medium and high-risk clients improve the efficiency and profitability of their global payments processes
Accessing corporate bank accounts has become more and more difficult over recent years, particularly for companies deemed to be medium or high risk.
Damex offers three alternative custody solutions.
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We are dynamic, we are progressive, we are united.
We are dedicated to make ownership and management of Digital Assets simplified.
