ConsenSys-backed poker platform secures $5M investment

ConsenSys-backed poker platform secures $5M investment

Ethereum infrastructure firm ConsenSys and venture capital fund Pantera Capital have led a group of investors in a $5-million funding round for Virtue Poker, according to an announcement on Monday.

Other participants in the strategic investment round included blockchain investment outfit DFG and FunFair founder Jez San.

Our top trading bots

Virtue Poker, an Ethereum-based decentralized poker platform, was founded back in 2016 within the ConsenSys suite of blockchain projects. Back in 2020, the company secured a B2C — Gaming Service License from the Malta Gaming Authority.

The $5-million investment will be used to bootstrap the mainnet launch of the blockchain poker platform scheduled for May 2021. The mainnet launch comes after four years of development and two years of beta testing.

According to Ryan Gittleson, CEO of Virtue Poker, the company’s status as a licensed operator provides a suitable platform to challenge legacy providers for players. According to Gittleson, Virtue Poker will lead the charge to make crypto wagering mainstream.

Commenting on the $5-million funding round and the plans to release the mainnet platform, ConsenSys founder Joe Lubin remarked:

“I’m excited to see the Virtue Poker team realize its mission in bringing transparency and trust to the online poker industry. By working with regulators in becoming the first licensed blockchain-based platform, Virtue Poker legitimizes the use of this technology in the industry long-term going forward.”

Poker legend Phil Ivey, an ambassador for the company, also commented on the project’s progress, stating that Virtue Poker will play a “major part” in the future of poker.

Poker and the crypto space have a storied history with Bitcoin (BTC) creator Satoshi Nakamoto, which includes scraps of code for an online poker game in the first iteration of the Bitcoin code.

Back in April 2020, crypto charity outfit The Giving Block partnered with many industry stakeholders to organize an online poker game to raise funds for nonprofits helping to combat the coronavirus.

Keep reading with Cointelegraph
El Salvador introduces fuel subsidy of $0.20 per gallon to locals who pay in BTC
Salvadoran president Nayib Bukele has announced that local consumers can enjoy a $0.20 per gallon reduction in petrol prices when paying using the government-backed...
More than a law: Texas takes steps to amend Bitcoin into state constitution
Everything is bigger in Texas, which is why it shouldn’t come as a surprise that the Lone Star state is making moves to become America’s next Bitcoin (BTC)...
Judge orders Ripple to hand over 1 million Slack messages to the SEC
U.S. Magistrate Judge Sarah Netburn has ordered Ripple to produce one million missing Slack messages between employees which the Securities and Exchange...
Pakistani blockchain marketplace completes record $30M raise
Pakistani blockchain-powered business-to-business (B2B) marketplace, Bazaar Technologies, has secured $30 million in the country’s largest Series A round...
Emerging economies dominate Chainalysis’ 2021 Global Crypto Adoption Index
Vietnam, India and Pakistan are leading the world in terms of cryptocurrency adoption, underscoring the resilience of peer-to-peer monetary systems in emerging...
Binance resumes fiat withdrawals via Faster Payments in UK
Leading decentralized crypto exchange by trade volume Binance has restored British pound withdrawals using the Faster Payments network.On June 28, Binance...
South Korean crypto exchanges banned from handling coins they issued themselves
The increased regulatory scrutiny that befell South Korea’s cryptocurrency space in recent times appears to have extended to include exchange tokens.Exchange...
Chinese search engines block results for top crypto exchanges
China’s stance toward decentralized cryptocurrency trading appears to be getting even tougher. Chinese journalist Colin Wu and crypto news site 8BTCNews...
As Microsoft Azure closes shop, ConsenSys Quorum opens up to new users
Just as the cryptocurrency sector is constantly changing and evolving, the enterprise blockchain industry has been undergoing its fair share of developments...
Bitfarms estimates Argentinian facility will reduce BTC mining costs by 45%
Canadian Bitcoin mining firm Bitfarms has updated its plans for expansion in South America, revealing it has secured an eight-year contract to draw up to...
Football star Tom Brady to launch his own NFT platform
Six-time Super Bowl champion Tom Brady is backing a new major development in the nonfungible token industry by launching his own NFT platform.The new NFT...
Experts say new South Korean crypto rules will create a monopolized market
South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on March 25 that will require all cryptocurrency...
Morgan Stanley Report Implies Bitcoin’s New Institutional Asset Class
A novel report from Morgan Stanley, the American multinational investment bank, states that bitcoin attracts more and more institutional investors. At the...
Wanted Truth About BTC? Nakamoto Allegedly Promises to Write a Book
The illustrious father of Bitcoin Satoshi Nakamoto is allegedly preparing himself (themselves?) to write a book, telling people all the truth regarding...
Russia to Endorse Bitcoin and Take Control Over Mining
After Russian Central Bank presumed that Bitcoin and its ilks could jeopardize consumers, the country’s finance ministry has suggested that government...