|Thursday, 13 December 2018, 12:00 HKT/SGT|
|- The World's First Deal to Reform Traditional Lottery -|
DOUGLAS, Isle of Man, Dec 13, 2018 - (ACN Newswire) - Quanta has signed contracts to acquire a stake in International Lottery and Gaming Limited (ILGL), concluding the world's first deal to see a blockchain company acquire a traditional lottery company.
The acquisition will usher in an era where innovation sits alongside tradition, injecting the power of blockchain technology into the lottery business. Quanta sees this ambitious move as an opportunity to reinforce and extend its efforts to promote blockchain starting with Nigeria where ILGL is rooted, and very soon afterwards expand to other countries in Africa.
ILGL, trade-named NaijaLottery(TM), has been granted a Grade A National License from the National Lottery Regulatory Commission to offer lottery games throughout the country. This deal will see Quanta and ILGL combining their forces and introduces the application of blockchain technology to revitalize traditional lottery and to act as a platform for growth in Africa.
"Now is the time to build on the momentum of the traditional Nigerian lottery market. Together, we will continue to build a safe and trusted platform that ensures fairness and transparency, while offering amazing functionality to players and helping to boost the local economy.
"We believe we are carving out a bright future for the players and to the industry as a whole," said Kostas Farris, Group CTO of Quanta.
"This is a profound opportunity to bolster the rapidly-evolving lottery business. We are confident that we can make blockchain lottery popular and this acquisition represents a significant base for Quanta to target other emerging markets centered in Africa.
"We aim to build up a blockchain-based ecosystem that will serve the gaming industry whilst stimulating the growth of the local economy through generating new businesses and employment opportunities," Kostas added.
Commenting on behalf of ILGL, Charbel Saadeh, Managing Director of Naija Lottery said, "ILGL has provided popular and entertaining games to Nigerian players; it is highly respected in the gaming industry and we are very excited to collaborate with Quanta. The acquisition is a historic announcement. This is a combination of expertise - the integration of blockchain lottery with local operation, to create an even more compelling experience to optimize lottery playing for the 200 million Nigerian market."
NaijaLottery(TM) launched on 7 March, 2016, offering the popular 5 out of 90 game as well as the highly exciting instant game 1 of 36, both games offering fun and excitement to all its Nigerian players. Quanta witnessed ILGL's highly established position in the Nigerian lottery market, and is looking to progressively build a platform with advanced technology to accelerate market access with the joint efforts of Quanta and ILGL, paving the next step in the company's evolution by unleashing the great potential of blockchain technology.
The Nigeria lottery industry has undergone strong growth in recent years and is considered as one of the most lucrative business opportunities in the world. It is a major source of wealth distribution in the country, while the role of cryptocurrencies continues to garner national-level attention.
Quanta PLC is an innovative blockchain-oriented company that utilizes smart contracts in order to ensure fully automated and transparent blockchain-powered solutions.
Quanta PLC owns Quanta Technology Limited, the operator of the world's first licensed, blockchain-based gaming company on the Ethereum platform. Its products, including gaming platform, random number generator, token-centric payment gateway and game wallet are blockchain powered and certified to ensure utmost trust and transparency in the gaming industry. The company employs Smart Contracts to offer full automation and integrity to lotteries.
With the support of QNTU, the utility token, Quanta leverages its services to strengthen customer engagement. QNTU is currently trading on five renowned cryptocurrency exchanges, including Lykke, HitBTC, Bit-Z, Cryptopia and BitoPro.
For more information, please follow Quanta:
Websites https://quanta.im, https://quantaplc.im, https://www.myquanta.im
About International Lottery and Gaming Limited
International Lottery and Gaming Limited (ILGL) is a privately-owned company established in Nigeria, which has been granted a Grade A National License from the National Lottery Regulatory Commission to offer lottery games throughout the country. NaijaLottery(TM) launched operations on 7 March, 2016 by offering the well-known 5 out of 90 game as well as the additional and highly exciting instant game, 1 of 36, aiming to offer fun and excitement to all its Nigerian players.
For more information: http://naijalottery.com/en/home
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Topic: Press release summary
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From the Asia Corporate News Network
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