A new co-working space for blockchain businesses has opened its doors.

The Hubb on Victoria Street, Douglas, has support from the Department for Enterprise.

It has been established to serve as an incubator for blockchain businesses in the Isle of Man.

(Blockchain technology is a database or a ledger that maintains a continuously growing list of data records or transactions. The database is an immutable and irreversible record which can allow for transactions to occur between unknown parties.)

The Hubb aims to be a supportive, co-working office facility for new and existing businesses, providing them with the environment they need to assist them on their path to success in the island.

One of first supporters of The Hubb is the Isle of Man Blockchain Office, which has relocated operations into the space.

Jason Scales, director of The Hubb, said: ‘The Hubb has been in the making for the past year and with the Isle of Man Blockchain Office now established and moving its operations to the premises, I am truly excited about what the future holds for blockchain technology in the island.’

‘I am committed to ensuring that The Hubb provides the right environment for blockchain companies to succeed in the Isle of Man and I am ensuring that we have to right framework in place to do so.’

Lyle Wraxall, chief executive of Digital Isle of Man said: ‘We are very pleased to have secured our new premises for the Isle of Man Blockchain Office.

‘The Hubb and the Blockchain Office share the same vision – to establish the Isle of Man as an international hub for blockchain businesses – so it was very clear that this new co-working space was the perfect fit for us.’

‘The Blockchain Office team are really looking forward to operating within The Hubb, and collaborating with a number of blockchain businesses, in a space that is sure to become the heart of blockchain activity in the Island.’

Laurence Skelly, MHK, Minister for Enterprise, said: ‘I would like to congratulate The Hubb on their launch. The Isle of Man Blockchain Office has found a fantastic new home, and I look forward to seeing how they will work together to drive forward the burgeoning blockchain sector in the island.’

‘It is encouraging to see that the island is embracing this transformative technology, and further maintaining our reputation at the forefront of innovation and emerging technologies.’