Bangalore and Singapore-based web3 gaming infrastructure startup Lysto has raised $12 million (approx. Rs 95.3 crore) in a funding round as it is on a mission to bring a billion gamers and their credentials on chain.
The pre-Series A round was led by institutional as well as gaming and crypto investors, such as Square Peg, BEENEXT, Hashed, Tiger Global, and Better Capital. Prominent angel investors — Balaji Srinivasan (ex-CTO, Coinbase), Paul Veradittakit (Partner, Pantera Capital), Binny Bansal (Founder, Flipkart) and Bobby Ong, and TM Lee, (Co-founders, CoinGecko), among others, also participated in the round.
The development comes at a time when Lysto is doubling down on global gaming communities by building tools to enable verified on-chain digital credentials from issuer to gamer.
Previously, Lysto had raised $3 million in November 2021 from BEENEXT, Better Capital, and other marquee angel investors.
Lysto launched ‘Proof of Play Protocol’ (PoPP) to standardize gamer credentials and reputation across the industry. Depending on the use case, these can be issued by games and tournaments or even auto-generated by Gamers as trophies, game, and social badges, game-tester tokens, etc. The PoPPs can also be shared with gamers via AirDrops, APIs and even emails.
Founded in August 2021 by Sadiq Ahamed, Lysto is building APIs, Tools & Infrastructure to enable the creation and distribution of NFTs across platforms with a few clicks or a few lines of code.
It is building tools to enable verified on-chain ‘Digital Credentials’ from issuer to gamer through PoPP. The startup said gamers would also be able to showcase these credentials through an on-chain identity platform.
“Through PoPP and Passport, Lysto is enabling the gaming ecosystem to standardise Gamer reputation. We envision a world where billions of such on-chain attestations across Games and Tournaments can form the basic building block of Gamers’ profiles. Leveraging this, we are on a mission to build the world’s largest gaming community,” said Sadiq Ahamed, Founder & CEO.