- ConsenSys-incubated Virtue Poker has just raised $5million in investment.
- Virtue Poker aims to bring blockchain-based gambling to the mainstream.
- The platform’s mainnet is expected to launch in May 2021.
Decentralized poker platform, Virtue Poker, has just completed a strategic investment round raising $5 million as part of Coinlist’s Seed Winter 2021 batch. The ConsenSys-owned start-up is funded by notable investors, including Pantera Capital, ConsenSys, DFG Group, and FunFair’s Jez San.
It is the first and only blockchain-based company to be issued a license by the Malta Gaming Authority. Along with that, both entities have worked together to create a regulatory framework suitable for blockchain-based gambling applications. CEO Ryan Gittleson noted,
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.
He recognized blockchain technology as a provider of modern and secure payment infrastructures, accessible globally, which will set Virtue Poker apart from its competitors. Adding to that, he said that since Virtue Poker is now a licensed online gambling company, it will be able to bring blockchain-based wagering to the mainstream.
The funds raised will be utilized to support Virtue Poker’s mainnet launch, scheduled for May 2021. The release will be marked with an exhibition tournament including famous players such as Phil Ivey, Joe Lubin, and others.
Virtue Poker is one of the first projects to have been incubated by ConsenSys. The decentralized business was identified by ConsenSys owner Joe Lubin as filling a gap in the online gaming industry, encouraging him to make it a part of his Ethereum-centered project family.