One of the first ConsenSys-backed Ethereum projects just raised $5 million 🚨 This article is 4 years old...
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One of the first ConsenSys-backed Ethereum projects just raised $5 million
Decentralized gambling and betting platforms were among the first usecases of projects based on Ethereum. And they aren’t entirely forgotten.
2 min read
Updated: Apr. 12, 2021 at 5:18 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum-based decentralized poker platform Virtue Poker has completed a strategic investment round of $5 million, as per a report on tech publication VentureBeat today.
The project was one of the first protocols to have received backing from the Ethereum incubator ConsenSys, with founder Joseph Lubin foreseeing blockchain technology and smart contracts to play a big role for online gambling platforms at the time.
I'm excited to see the @Virtue_Poker team realize its mission in bringing transparency and trust to the online poker industry. By becoming the first licensed blockchain based platform, VP legitimizes the use of this technology in the industry long term. https://t.co/KDMvPSV2FY
— Joseph Lubin (@ethereumJoseph) April 12, 2021
Raising funds
As per the report, Virtue Poker was part of Coinlist’s Seed Winter 2021 Batch and attracted funding from several high-profile crypto investors, such as Pantera Capital, ConsenSys, and Jez San, the founder of decentralized gaming tools protocol FunFair.
Thank You to @CoinList for giving us the opportunity to present and be apart of this. Exciting news to come! https://t.co/lX3R9Hoqnj
— Virtue Poker (@Virtue_Poker) February 18, 2021
It is reportedly the first and only blockchain-based company to be recognized and licensed by the Malta Gaming Authority. This allows it to legally operate and compete in most global markets worldwide.
The project’s USP is using a peer-to-peer network design P2P to create a trusted and fair platform for users—as opposed to the centralized (and highly opportunistic) poker industry that is said to run on manipulated matching algorithms and malicious middlemen.
Trust Ethereum for poker
Using Ethereum smart contracts and sidechain infrastructure cuts down the perils of the above and brings security and transparency for players.
Phil Ivey, a world-famous poker star and spokesperson of Virtue Poker, said that using a blockchain-based system created a secure and globally accessible payment system for users of the platform.
“I’m 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 fundraise will help bootstrap Virtue Poker’s mainnet launch for May 2021. Virtue Poker would host an exhibition tournament at the time with Phil Ivey, Joe Lubin, and others players expected to attend.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Consensys
Consensys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum..