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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.

One of the first ConsenSys-backed Ethereum projects just raised $5 million
Bybit

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.

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.

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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