Virtue Poker completes $5m strategic investment round
Blockchain-based platform will launch in May with exhibition tournament.
Virtue Poker, a multi-chain, Ethereum-based decentralized poker platform, on Monday said it has completed a strategic investment round of $5m.
According to the company, Virtue Poker was part of Coinlist’s Seed Winter 2021 Batch.
Notable investors include Pantera Capital, ConsenSys, DFG Group and Jez San from FunFair.
The company said the funds raised will be used to bootstrap its mainnet launch, which is scheduled for May.
The launch will feature an exhibition tournament with players such as Poker Hall of Famer Phil Ivey (pictured), Joe Lubin and others.
CEO Ryan Gittleson said Virtue Poker is the first and only blockchain-based company to be issued a license by the Malta Gaming Authority.
Gittleson said after working with the Malta Gaming Authority for nearly two years establishing a regulatory framework suitable for blockchain-based gambling applications, the company now can legally operate in most markets worldwide.
“By working with regulators to become a licensed online gambling company, Virtue Poker now has legitimacy to crossover and compete for customers from legacy providers to bring blockchain-based wagering mainstream,” Gittleson said in a statement.
Ivey is a stakeholder and a spokesperson for the company.
“I have been working with the Virtue Poker team for nearly three years, watching them build a next-generation poker platform,” he said. “Using a blockchain-based system creates a more secure and globally accessible payment system. I am excited to continue my partnership with the Virtue Poker team and work to bring the platform to poker communities worldwide.”
Virtue Poker was founded shortly after the Ethereum network debuted. It is one of the oldest projects in the blockchain space and one of the first to have been incubated by ConsenSys.
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