The decentralized poker platform Virtue Poker, which is based on Ethereum, has completed a strategic investment round of US $ 5 million. This is evident from a report on a technical publication VentureBeat today.
The project was one of the first protocols to be supported by the Ethereum incubator ConsenSys. Founder Joseph Lubin envisioned that blockchain technology and smart contracts would play a huge role in online gambling platforms at the time.
I am delighted that the @ Virtue_Poker team is realizing its mission to bring transparency and trust to the online poker industry. As the first licensed blockchain-based platform, VP legitimizes the long-term use of this technology in the industry. https://t.co/KDMvPSV2FY
– Joseph Lubin (@ethereumJoseph) April 12, 2021
Raising funds
According to the report, Virtue Poker was part of Coinlist’s Seed Winter 2021 Batch and was funded by several high profile crypto investors including Pantera Capital, ConsenSys and Jez San, the founder of the decentralized gaming tools protocol FunFair.
Thank you @CoinList for giving us the opportunity to showcase this and be apart. Exciting news! https://t.co/lX3R9Hoqnj
– Virtue Poker (@Virtue_Poker) February 18, 2021
It is supposedly the first and just Blockchain-based company recognized and licensed by the Malta Gaming Authority. This enables it to legally operate and compete in most global markets around the world.
The USP of the project uses a peer-to-peer network design P2P to create a trustworthy and fair platform for users – as opposed to the centralized (and extremely opportunistic) poker industry, which is supposedly based on rigged matching algorithms and malicious middlemen.
Trust Ethereum for Poker
By using smart contracts from Ethereum and the sidechain infrastructure, the above threats are reduced and players are offered security and transparency.
Phil Ivey, a world-famous poker star and spokesperson for Virtue Poker, said that using a blockchain-based system has created a secure and globally accessible payment system for users of the platform.
“I am very excited to continue my partnership with the Virtue Poker team and work to bring the platform to poker communities worldwide,” he said in a statement.
The fundraiser will help kick off Virtue Poker’s mainnet launch for May 2021. Virtue Poker would be hosting an exhibition tournament at the time that would include Phil Ivey, Joe Lubin, and other players.
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