Virtue Poker has announced the completion of a $5m strategic investment round funded by Pantera Capital, ConsenSys, and DFG Group. Funds will be used to bootstrap the Virtue Poker mainnet launch, programmed for next month.
Virtue Poker and the Malta Gaming Authority have been working together on establishing a blockchain-based regulatory framework for gambling over the last two years. This has culminated with Virtue Poker being able to operate in most jurisdictions globally.
“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” said CEO Ryan Gittleson. “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.”
Phil Ivey is a long-time poker player and a resident in the Poker Hall of Fame. He is now a stakeholder and ambassador for Virtue Poker and made the following comment:
“I’ve been working with the Virtue Poker Team for over 3 years” says Phil Ivey. “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 actually one of the oldest projects in the blockchain space, having been founded shortly after Ethereum launched in 2015. Joe Lubin, the founder of ConsenSys, the Ethereum focused technology solutions company, liked what he saw with Virtue Poker and decided to incubate the gambling start-up.
“I’m excited to see the Virtue Poker team realize its mission in bringing transparency and trust to the online poker industry” said Joe Lubin, Founder of Consensys. “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.”
Virtue Poker is able to achieve an unprecedented degree of trust to the online gambling industry given that it is based on Blockchain and the decentralised Ethereum network, providing it with an immutable and verifiable transparency.
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