July 25, 2024
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ConsenSys Based Virtue Poker Raises $5 Million from Investors

ConsenSys Based Virtue Poker Raises $5 Million from Investors

Virtue Poker, the multi-chain Ethereum based decentralized platform, has concluded a $5 million strategic investment round. It has received funding from Pantera Capital, ConsenSys, DFG Group, Jez San from FunFair. Virtue Poker intends to use the fresh funding to bootstrap its mainnet launch, expected in May 2021. The project intends to solve some of the significant problems that are currently bothering major poker platforms. It intends to do so by leveraging the abilities of distributed ledger technology. Meanwhile, Coinlist involved Virtue Poker in its Seed Winter 2021 Batch.

Virtue Poker is the first blockchain-powered organization to gain operational approval from the Malta Gaming Authority. The license is a B2C Gaming Service Licence. It enables the platform to communicate directly with end consumers. For over two years, both organizations allied on a regulatory framework befitting enough for blockchain gambling platforms. Complying with these regulations, the company can completely operate, guaranteeing that all gaming activity it manages is free, fair, and transparent. Moreover, the poker platform is now able to function and contend in most global markets legislatively. 

Virtue Poker to Provide Safe Online Poker Option

Via employing the new funds, Virtue Poker will finally introduce its mainnet in May 2021. As part of the launch, Ivey, a Poker Hall of Famer, besides ConsenSys Founder Joe Lubin, will participate in an exhibition tournament. The platform has plans to utilize its transparency offerings and its collaboration with regulators accurately. Joe Lubin illustrates that Virtue Poker’s work with regulators, besides its position as the first licensed blockchain-based platform, already “legitimizes” the application of blockchain technology in the gaming industry.

Established in 2016 within ConsenSys, Virtue Poker aims to offer a safe and honest online poker option. By employing blockchain technology, Virtue Poker seeks to introduce a degree of trust and transparency to the online poker industry. Currently, the industry has a status for possessing some offensive elements. These involve unaccountable algorithms and expensive third-party payment processors. Moreover, the Virtue Poker team claims to have famous veterans from the poker and blockchain industries onboard. 

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