ConsenSys Gambling Project Raises $5M From Investors

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In Brief
  • Ethereum-based decentralized poker platform Virtue Poker successfully completed a $5 million strategic round.

  • The poker platform will use the funds to launch its mainnet in May 2021.

  • Virtue Poker is the only blockchain-based company license by a gaming authority.

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Multi-chain, Ethereum (ETH)-based decentralized poker platform Virtue Poker has successfully completed a $5 million strategic investment round.

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Virtue Poker has received funding from Pantera Capital, Consensys, DFG Group, Jez San from FunFair. The poker platform said it will use the funds to bootstrap Virtue Poker’s mainnet launch, scheduled for May 2021. Additionally, Coinlist recently included Virtue Poker in its Seed Winter 2021 Batch.

Virtue awarded gaming license

Recently,  Virtue Poker reportedly became the first blockchain-based company awarded a license by the Malta Gaming Authority. The two entities collaborated for nearly two years to establish a regulatory framework suitable for blockchain-based gambling applications. The poker platform is now able to legally operate and compete in most global markets. 

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“After years of consultation, Virtue Poker can proudly say we are the only licensed blockchain-based poker application in the market,” said CEO Ryan Gittleson.

Gittleson also noted that the blockchain is an ideal platform for online gambling, and added:

“Blockchain technology provides modern and secure payment infrastructure that provides global accessibility to consumers.”

Additionally, Gittleson hopes the license will popularize blockchain-based gambling and win over players from legacy gambling platforms.

Blockchain technology legitimizing online gambling

According to the announcement, Virtue Poker was founded shortly after the Ethereum network debuted. The blockchain-based platform was among the first few incubated by blockchain developer Consensys.

Consensys founder Joe Lubin considered online gambling as an industry ripe for blockchain disruption. So, he decided to include Virtue Poker among his Ethereum-centered projects.

By utilizing blockchain technology, Virtue Poker aims to bring a degree of trust and transparency to the online poker industry. Presently, the industry has a reputation for having some unsavory elements. These include, unaccountable algorithms, as well as costly third-party payment processors.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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