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.
Purchasing and investing in Digital Assets is a high-risk activity which incurs risks which are not inherent in managing traditional financial instruments and other assets. The value of digital assets, other digital assets or fiat currencies is not indicative of future performance.
Digital Asset Management Limited is a Company registered in Gibraltar with registration number 116618, with registered business names and trading as ‘Damex’ and ‘Damex.io’. Damex is authorised by the Gibraltar Financial Services Commission (Licence Number 24738) as a Distributed Ledger Provider to provide custody solutions and broker/dealer services under the Financial Services Act. These services are separate and unrelated to the account and payment services you receive from Modulr FS Ltd. Digital Asset Management Limited is a registered EMD agent of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Your card is issued by Modulr FS Limited pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.
Damex.io UAB is a joint stock company registered in the Republic of Lithuania (under company number 306148560), with registered address at Žygimanto Liauksmino str. 3, Vilnius, Lithuania and is registered by the State Enterprise Centre of Registers of the Republic of Lithuania as a provider of virtual currency exchange and virtual currency wallet provider. These services are separate and unrelated to the account and payment services you receive from Modulr Finance B.V . Damex.io UAB is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your card is issued by Modulr Finance B.V. pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.
Your account and related payment services are provided by Modulr FS Limited, if you are registered in the UK, and by Modulr Finance B.V., if you are registered in the EU. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 (in the UK) and the Dutch Financial Supervision Act (Wet op het Financieel Toezicht, Wft) (in the EU). Click here to find out more.
The Damex application is presently undergoing testing and regulatory registrations in various jurisdictions. As a result, full public release and features of the application in your jurisdiction is subject to Damex’s permissions and authorisations.
Please also see our Risk Notice for further information.
