Virtue Poker, a multi-chain Ethereum-based decentralized platform, has successfully raised $5 million in a strategic investment round led by Pantera Capital, ConsenSys, DFG Group, and Jez San of FunFair. The funding will be used to support the platform’s mainnet launch, scheduled for May 2021, and to address issues plaguing traditional poker platforms by leveraging blockchain technology.
Key Highlights of Virtue Poker’s Development
Strategic Investment Round
The $5 million funding round included participation from prominent investors:
- Pantera Capital
- ConsenSys
- DFG Group
- Jez San of FunFair
This funding ensures Virtue Poker is well-positioned to introduce its blockchain-powered platform to the broader market.
First Blockchain Platform Licensed by Malta Gaming Authority
Virtue Poker holds a B2C Gaming Service License from the Malta Gaming Authority (MGA), making it the first blockchain-based organization to achieve this distinction. The license allows Virtue Poker to:
- Communicate directly with end consumers.
- Operate transparently and fairly in global markets under strict regulatory compliance.
Advantages of Virtue Poker’s Blockchain Model
Virtue Poker uses distributed ledger technology to enhance the online poker experience. Key benefits include:
- Transparency: Ensures all gaming activities are fair and free of manipulation.
- Trustworthy Algorithms: Eliminates unaccountable algorithms often criticized in traditional platforms.
- Cost Efficiency: Removes reliance on expensive third-party payment processors by leveraging blockchain for transactions.
Mainnet Launch and Key Events
Launch Timeline
The platform’s mainnet launch is scheduled for May 2021, marking a significant milestone in the project’s journey.
Exhibition Tournament
To celebrate the launch, Virtue Poker will host an exhibition tournament featuring:
- Phil Ivey, a Poker Hall of Famer.
- Joe Lubin, Founder of ConsenSys and early blockchain pioneer.
Legitimizing Blockchain in Gaming
Joe Lubin emphasized that Virtue Poker’s regulatory compliance and first-of-its-kind licensing demonstrate blockchain’s viability for revolutionizing the gaming industry.
Virtue Poker’s Vision and Market Position
Virtue Poker, established in 2016 within ConsenSys, aims to become a leader in online poker by addressing the industry’s long-standing issues, such as:
- Lack of Trust: Replacing opaque processes with blockchain-based transparency.
- High Costs: Reducing fees associated with traditional payment processors.
Expert Team
The project boasts a team of poker and blockchain industry veterans, ensuring expertise in both domains to drive innovation and credibility.
Conclusion
Virtue Poker’s $5 million funding round and upcoming mainnet launch signify a major step forward in merging blockchain technology with the online poker industry. By providing a secure, transparent, and licensed platform, Virtue Poker is set to redefine trust and fairness in online gaming.
As blockchain continues to disrupt traditional industries, Virtue Poker stands out as a pioneering example of how decentralized technology can transform legacy systems.
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