Virtue Poker Raises $5M From Investment Round
Virtue Poker, Ethereum-powered, multi-chain, decentralized poker platform, has successfully completed a crucial investment round to raise $5 million.
Notably, the company had secured a place in the Coinlist’s Seed Winter 2021 Batch and has obtained finance from multiple investors, including DFG Group, Joseph Lubin’s Consensys, Jez San from FunFair and Pantera Capital, among others. Phil Ivey, a legend who has won WSOP ten times, is a major stakeholder and media spokesperson for Virtue Poker.
Virtue Poker is a P2P (peer-to-peer) poker platform that is hosted on the Ethereum blockchain. The platform facilitates players to use cryptocurrency rather than fiat money. For the past six years, blockchain focused firm ConsenSys has acted as the incubator for the venture.
Regarding virtue Poker, Joe Lubin, founder of Consensys, opined as follows:
I’m excited to see the Virtue Poker team realize its mission in bringing transparency and trust to the online poker industry. By working with regulators in becoming the first licensed blockchain based platform, Virtue Poker legitimizes the use of this technology in the industry long term going forward.
The startup, in addition to being one among Coinlist’s Seed Winter 2021 Batch, successfully closed a token sale in 2018 to raise roughly $20 million. Additionally, the recent funding for the company saw participation from DFG Group, Pantera Capital, Consensys, and Jez San from FunFair, among others. Virtue Poker is also backed by Phil Ivey, the popular Poker Hall of Fame winner, as an brand ambassador and stakeholder.
Phil Ivey, an expert in poker, will represent Virtue Poker as a brand representative and also as an advisor. Ivey revealed that he has working with the company’s core team for more than 3 years. He also believes that the firm’s unique blockchain platform has the ability to bring about a path breaking change in the future of poker. Ivey expressed his happiness in being associated with Virtue Poker by stating
I’m excited to continue my partnership with the Virtue Poker team and work to bring the platform to poker communities worldwide
Currently, Virtue Poker is the only blockchain technology based poker platform that is fully endorsed by the Malta Gaming Authority. For years, the market regulator has been studying the manner in which cryptocurrencies and blockchain technology may be utilized in legal online betting. Even though there is hundreds of fiat currency based betting platforms licensed by Malta Gaming Authority, none of them are allowed to accept cryptocurrencies.
CEO Ryan Gittleson pointed out that Virtue Poker is the only licensed blockchain powered poker platform that is currently in the market. Gittleson also revealed that the Virtue Poker has become a reality after several years of face-to-face discussions and consultations.
He further pointed out that Blockchain technology offers safe payment framework in addition to easy accessibility to users across the globe. By joining hands with regulators to transform into a licensed online gambling firm, Virtue Poker can legally offer games and compete with legacy gaming platforms thereby fueling the mainstream adoption of blockchain powered wagering.
The Ethereum blockchain powered Virtue Poker, as mentioned earlier, is a decentralized poker platform. The use of p2p (peer-to-peer) technology offers safe gaming environment, along with transparency and fun. Virtue Poker was established in 2016 with backing from seven year old Consensys, the popular full stack Ethereum blockchain focused software engineering firm and incubator set up by Joseph Lubin, a co-founder of Ethereum. Virtue Poker is also backed by investor Phil Ivey. The firm intends to bring blockchain powered transparent betting into mainstream.