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Following an announcement on Monday, it was confirmed that ConsenSys based project, Virtue Poker raised $5 million in funding. The funds were raised in a strategic investment round and was led by ConsenSys and Pantera Capital. The project is now ready for its launch.
Virtue Poker is an Ethereum-based decentralized poker platform. It was founded back in 2016 and the team spent the past 5 years developing and beta testing their platform. The platform is now in its final stages before their long anticipated mainnet launch. The newly raised $5 million will be used to bootstrap this mainnet launch that is planned for May this year.
The Virtue Poker team holds a lot of experience, coming from the “traditional” poker industry. The team includes a former PokerStars Chief Marketing Officer and the former Chief Executive Officer of PokerStrategy. In addition, poker legend Phil Ivey is an ambassador for the company. Together with Dan Colman and Brian Rast he will form the Virtue Poker Team Pro. Importantly, the three have won a combined fifteen World Series of Poker bracelets and over $70 million in winnings.
Having secured Gaming Service License from the Malta Gaming Authority recently, the platform claims to be the only blockchain-based company to be licensed by the Malta’s gambling regulator.
Ryan Gittleson, Chief Executive Officer of Virtue Poker, believes that Virtue Poker will lead the charge to make crypto wagering mainstream. According to the CEO, their status as the first licensed operator provides a suitable platform to challenge the tradition online poker providers. According to Gittleson, Virtue Poker will lead the way to make crypto wagering mainstream.
ConsenSys founder Joe Lubin commented on the upcoming launch:
“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.”
ConsenSys acts one of the essential business development and money function conduits for the Ethereum network. By its role in the space, it helps assure the transparency and security of the Virtue Poker platform ahead of the launch in May.
The launch will be celebrated with an exhibition tournament with Phil Ivey and the other Virtue Poker Team Pro’s. Players will even have the chance to go heads up with Joe Lubin.
Having been involved in the project for over three years now, Phil Ivey is certain that the new poker platform will be a force to be reckoned with:
“I’ve been working with the Virtue Poker team for nearly 3 years, watching them build a next generation poker platform” said Ivey. “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”.