ConsenSys-Backed Virtue Poker Closes $5 Million Strategic Investment Round
Virtue Poker, a project backed by the blockchain mogul ConsenSys, has completed a strategic investment round of $5 million.
Strategic Investment Ahead of Mainnet Launch
The news comes ahead of the mainnet launch, which is scheduled to happen in May 2021.
Virtue Poker is the only blockchain-based company that’s received an official license from the Malta Gaming Authority, Virtue Poker has closed a $5 million strategic investment round led by notable investors ConsenSys, DFG Group, Pantera Capital, and Jez San from FunFair.
In a press release shared with CryptoPotato, the project’s CEO, Ryan Gittleson, said:
“After years of consultation, in-person meetings, and effort, Virtue Poker can proudly say we are the only licensed blockchain-based poker application in the market. […]”
The project tackles some of the pressing issues that are currently riddling major poker platforms by leveraging the capabilities of distributed ledger technology.
“Blockchain technology provides modern and secure payment infrastructure that provides global accessibility to consumers, unlike our competitors. By working with regulators to become a licensed online gambling company, Virtue Poker now has the legitimacy to crossover and compete for customers from legacy providers to bring blockchain-based wagering mainstream.”
The Virtue Poker team, as well as the Malta Gaming Authority (MGA), worked together for more than two years in establishing a regulatory framework that’s suitable for blockchain-based gambling applications. The company is now allowed to operate legally and compete in most global markets to deliver the promise of fair pair playing, as well as transparency to mainstream adoption.
Next in the pipeline for Virtue Poker is the release of the mainnet, which is scheduled for May 2021. Phil Ivey, the legendary player and member of the Poker Hall of Fame, who’s also a stakeholder in Virtue Poker, said:
“I’ve been working with the Virtue Poker team for nearly 3 years, watching them build a next-generation poker platform. […] Using a blockchain-based system creates a more secure and globally accessible payment system. I’m excited to continue my partnership with the Virtue Poker team and work to bring the platform to poker communities worldwide.”
The project is among the first ones to be incubated by ConsenSys – it was founded not much after the debut of Ethereum.