Quinn Legal is claiming to be the island’s first law firm to accept cryptocurrency payment from clients who include businesses in the financial technology and business sectors.

The company, based in Ridgeway Street, Douglas, said linking up with another island company called CoinCorner will allow clients to make Bitcoin payments directly online via the legal business’s website.

James Quinn, founder and chief executive of Quinn Legal, said: ’With Bitcoin payments we can support many of our clients in the financial technology and business sectors, as well as those who are invested in less traditional currency.’

Mr Quinn’s announcement of the use of cryptocurrency comes hard on the heels of a story in last month’s Business News in which he explained why he had made the tough decision to make four members of his leadership team redundant, as he repositions the independent family company to its ’core values’ of serving island clients.

He established Quinn Legal in 2009 and said he has since grown the company.

Mr Quinn feels ’confident’ in partnering with Douglas-based CoinCorner to push payments by Bitcoin which is a global digital currency which is sent electronically.

The currency has courted a lot of controversy in the financial world over the last few years but Mr Quinn firmly believes it is a highly secure and traceable form of currency.

He said CoinCorner is one of the first Bitcoin businesses in the world to fall under any form of legislation as a designated business.

’This means they are overseen by the Isle of Man Financial Services Authority, giving our clients peace of mind and assurance that their payments will be safe, secure and immune from direct exposure to Bitcoin price volatility.’

Sam Tipper, business development lead at CoinCorner, said: ’It’s been fantastic to work with and support Quinn Legal in accepting Bitcoin invoice payments from their clients via CoinCorner Checkout.

’The news marks significant progress for both CoinCorner and Quinn Legal; showing recognition for Bitcoin as an alternative way of paying for traditional services and further positioning Quinn Legal as a leader in the legal sector, continuously adapting to meet the needs of modern customers.’

CoinCorner, based at Victory House, Prospect Hill, Douglas, was crowned the 2018 winner of the digital champions award in the Isle of Man Newspapers Awards for Excellence. As a global Bitcoin exchange with a team of 15 people CoinCorner, founded in 2014, supports 200,000 customers in more than 45 countries.

Business News reported recently that members of the CoinCorner staff received all or some of their pay in cryptocurrency.

Meanwhile Mr Quinn claims Quinn Legal ’prides itself on being different from other legal firms’.

Last month Business News reported why Mr Quinn decided two years ago, to formulate plans to expand the business in line with his ambition to grow and become more than just a law firm.

He said: ’As part of our strategy we decided to take on more specialist staff in order to grow our professional service offering internationally.

’As we grew, I was concerned that we were starting to become a faceless, corporate services business and it was important, therefore, to return the core business to a local level.’

He added: ’I like us being a local practice, a really good Isle of Man law firm looking after the people on this island.

’It is with great sadness, however, that we had to make the difficult decision of making these redundancies and let go of four members of our team.’