An Ethereum-based decentralized poker platform, Virtue Poker, has completed an investment round of $5 million, with funding from renowned investors like Pantera Capital, ConsenSys, DFG Group, and Jez San from funFair.
Virtue Poker is a peer-to-peer poker application that combines an off-chain game engine for gameplay with on-chain smart contracts built on the Ethereum network. The application uses these programs to escrow game buy-ins and distributes payouts to the end-user. It is the first and only blockchain-based gaming app to get a license by the Malta Gaming Authority, which allows them to operate legally in several global markets. The strategic investment of $5 million is expected to help Virtue Poker to deliver on the promise of fair playing to a worldwide audience.
“We have fought tooth and nail to get the license from Malta Gaming Authority. It feels great that we have a licensed blockchain-based application to facilitate online poker games. With our rounds of funding secured, Virtue Poker will be able to further support partners and customers’ demands across new channels,” said founder Ryan Gittleson. “I’m thankful to have existing investors who continue to support our mission and extremely excited to have some new investors on board.”
Consensys developed Virtue Poker as its first project, shortly after the launch of the Ethereum network. Its founder, Joe Lubin, realized the online gaming industry needs a blockchain-based framework to bring transparency to the users, which prompted him to build Virtue Poker.
Commenting on the investment round, Joe Lubin shared, “Virtue Poker was the result of our vision of disrupting the online gaming world through distributed ledger networks. This fundraising is proof that the blockchain-based gaming industry is poised to grow in the near future.”
The platform intends to use the funds to bootstrap its mainnet launch, which is due in May 2021. Moreover, the platform will host an exhibition tournament with poker players like Joe Lubin, Phil Ivey, and many others as the official launch.