Virtue Poker, a Ta’ Xbiex, Malta-based multi-chain, Ethereum-based decentralized poker platform, raised $5m in funding.
Virtue Poker was part of Coinlist’s Seed Winter 2021 Batch and is funded by
Backers included Pantera Capital, Consensys, DFG Group, Jez San from FunFair. In addition, Poker Hall of Famer Phil Ivey is a stakeholder as well as a public spokesperson for the company.
The company intends to use the funds to bootstrap its mainnet launch, which is scheduled for May 2021.
Led by CEO Ryan Gittleson, Virtue Poker is a decentralized poker platform that uses the Ethereum blockchain and peer-to-peer networking to provide a safe online poker site experience. It was founded in 2016 within Consensys, the leading full stack Ethereum software engineering company and incubator founded by Ethereum co-founder Joe Lubin in 2014.
Through a combination of P2P networking and the verifiable nature of blockchain, Virtue Poker aims to bring trust and transparency to the online poker industry, which is plagued by shady and dishonest algorithms and costly third-party payment processor middlemen, especially for withdrawals.
The company, which has a license by the Malta Gaming Authority, can now legally operate and compete in most global markets worldwide. Virtue Poker will be hosting an exhibition tournament with players like Phil Ivey, Joe Lubin and others as the official launch.