Consensys-Backed Virtue Poker Raises $5 Million Strategic Round

by chainwire

Ta’ Xbiex, Malta, 12th April, 2021,

Virtue Poker, a multi-chain, Ethereum-based decentralized poker platform, has now introduced it has closed on a strategic funding spherical of $5 million.

The firm was a part of Coinlist’s Seed Winter 2021 Batch and has acquired funding from strategic traders, together with Joseph Lubin’s Consensys, DFG Group, Pantera Capital, Jez San from FunFair and different notable names. Poker legend and 10 instances WSOP winner Phil Ivey, is a each a stakeholder and the general public spokesperson for the corporate.

Virtue Poker is a P2P poker website that operates on the Ethereum blockchain, which permits gamers to transact in cryptocurrency as an alternative of fiat cash. Since 2015, blockchain improvement tank ConsenSys has served because the incubator for the undertaking. 

“I’m excited to see the Virtue Poker workforce notice its mission in bringing transparency and belief to the net poker trade. By working with regulators in changing into the primary licensed blockchain based mostly platform, Virtue Poker legitimizes the usage of this know-how within the trade long run going ahead,” stated Joe Lubin, founding father of Consensys. 

While this information itself is actually attention-getting, it’s much more spectacular when you think about the startup was a part of Coinlist’s Seed Winter 2021 Batch, and in 2018, it closed a token sale that raised practically $20 million.

Furthermore, the most recent financing for the ConsenSys-incubated startup was participated by notable traders, together with Pantera Capital, Consensys, DFG Group, Jez San from FunFair. 

Virtue Poker additionally faucets Poker Hall of Famer Phil Ivey as a stakeholder and ambassador for the corporate.

Poker legend, Phil Ivey, who works with Virtue Poker as a model consultant {and professional} advisor, commented: “I’ve been working with the Virtue Poker Team for over 3 years. Their innovative blockchain platform can be a major part of poker’s future. I’m excited to continue my partnership with the Virtue Poker team and work to bring the platform to poker communities worldwide”.

Virtue Poker is the one blockchain platform that’s absolutely licensed by the Malta Gaming Authority. The iGaming watchdog has been exploring for years how crypto property and blockchain know-how may be used at licensed on-line betting. At current, a whole lot of fiat-money betting platforms are licensed in Malta, which nonetheless maintain the overwhelming majority of the gaming market, however they haven’t any permissions to simply accept cryptocurrencies because of the MGA’s regulations.

“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,” added CEO Ryan Gittleson. 

He continues: “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 legitimacy to crossover and compete for customers from legacy providers to bring blockchain based wagering mainstream.”

 About Virtue Poker

Virtue Poker is an Ethereum-based decentralized poker platform that makes use of the blockchain and peer-to-peer know-how to make on-line poker protected, sincere and enjoyable. The firm was based in 2016 inside Consensys, the main full stack Ethereum software program engineering firm and incubator based by one among Ethereum’s co-founders Joseph Lubin, again in 2014. Virtue Poker is Backed by Consensys in addition to stakeholder Phil Ivey. Virtue Poker is on a mission to make blockchain-based betting mainstream and clear.

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