Poker legend Phil Ivey is the leading spokes-player for a new online cryptocurrency-based poker site, Virtue Poker. Set to launch in May, Virtue recently raised over $5 million in funding. Ivey expressed his excitement over a moment that has been three years in the making.
“I’ve been working with the Virtue Poker team for nearly 3 years, watching them build a next generation poker platform” Ivey said in a statement. “Using a blockchain based system creates a more secure and globally accessible payment system. I’m excited to continue my partnership with the Virtue Poker team and work to bring the platform to poker communities worldwide.”
Founded by Joe Lubin, Virtue Poker announced the news of its funding via a press release earlier this month. In addition to the millions raised, Virtue Poker touted itself as “the first and only blockchain-based company to be issued a license by the Malta Gaming Authority.”
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“After years of consultation, in person meetings, and effort – Virtue Poker can proudly say we are the only licensed blockchain based poker application in the market” Virtue Poker CEO Ryan Gittleson said in a statement. “Blockchain technology provides modern and secure payment infrastructure that provides global accessibility to consumers, unlike our competitors. 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.”
Ranked seventh on the all-time money list and tied at second for the most World Series of Poker wins with 10 bracelets, Ivey will participate in an exhibition tournament for virtual Poker with Lubin and others for the platform’s official launch.
According to Cardschat News, the site is decentralized, meaning players fund their own bankrolls and maintain control over virtual funds that are not in play, this mitigating the threat of corporate theft.
The site will use Ethereum blockchain to play. In addition to being the main spokes-player, Phil Ivey is also a stakeholder. The company’s mission is to make blockchain-based betting mainstream.
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