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ConsenSys-backed poker platform secures $5M investment

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Ethereum infrastructure agency ConsenSys and enterprise capital fund Pantera Capital have led a bunch of traders in a $5-million funding spherical for Advantage Poker, in line with an announcement on Monday.

Different members within the strategic investment spherical included blockchain investment outfit DFG and FunFair founder Jez San.

Advantage Poker, an Ethereum-based decentralized poker platform, was based again in 2016 throughout the ConsenSys suite of blockchain tasks. Again in 2020, the corporate secured a B2C — Gaming Service License from the Malta Gaming Authority.

The $5-million investment will probably be used to bootstrap the mainnet launch of the blockchain poker platform scheduled for Could 2021. The mainnet launch comes after 4 years of growth and two years of beta testing.

In keeping with Ryan Gittleson, CEO of Advantage Poker, the corporate’s standing as a licensed operator supplies an acceptable platform to problem legacy suppliers for gamers. In keeping with Gittleson, Advantage Poker will lead the cost to make crypto wagering mainstream.

Commenting on the $5-million funding spherical and the plans to launch the mainnet platform, ConsenSys founder Joe Lubin remarked:

“I’m excited to see the Virtue Poker team realize its mission in bringing transparency and trust to the online poker industry. By working with regulators in becoming the first licensed blockchain-based platform, Virtue Poker legitimizes the use of this technology in the industry long-term going forward.”

Poker legend Phil Ivey, an envoy for the corporate, additionally commented on the venture’s progress, stating that Advantage Poker will play a “major part” in the way forward for poker.

Poker and the crypto area have a storied historical past with Bitcoin (BTC) creator Satoshi Nakamoto, which incorporates scraps of code for an internet poker sport within the first iteration of the Bitcoin code.

Again in April 2020, crypto charity outfit The Giving Block partnered with many business stakeholders to arrange an internet poker sport to boost funds for nonprofits serving to to fight the coronavirus.

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