Gaming Platform Lysto Raises $12 Million In Pre-Series A Round
Lysto, a Singapore and Bengaluru-based platform for gamers, has raised over $12 million in a Pre-Series A funding round.
Institutional as well as gaming and crypto investors, such as Square Peg, BEENEXT, Hashed, Tiger Global, and Better Capital, participated in the round.
The round also saw participation from leading angel investors, including Paul Veradittakit (Partner, Pantera Capital), Balaji Srinivasan (ex-CTO, Coinbase), Binny Bansal (Founder, Flipkart) and Bobby Ong, and TM Lee (Co-founders, CoinGecko).
Lysto | Proof Of Play Protocol (PoPP)
Backed by Marquee Investors & Angels like Square Peg, BEENEXT, Hashed, and Tiger Global, Lysto is on a mission to bring a billion gamers and their credentials on-chain. Recently, the startup announced ‘Proof of Play Protocol (PoPP)’, which aims to standardise gamer credentials and reputation across the industry.
Speaking about the development, Sadiq Ahamed, Founder and CEO of Lysto, said,
“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.”
Depending on the use case, PoPPs can be issued by games, tournaments, or even auto-generated by gamers as trophies, game and social badges, game-tester tokens, etc.
As per the startup, the funding has come at a time when it is doubling down on global gaming communities by building tools to enable verified on-chain digital credentials from issuer to gamer.
Commenting on the development, Tak Lee, Managing Partner, Hashed Emergent, said,
“Having backed some of the best gaming companies in the world, we are excited about Lysto’s mission to get gamer reputation on-chain. We are partnering with Lysto to help them scale across gaming and the web3 ecosystem that we have been building over the years.”
In November 2021, Lysto raised $3 million in a seed round from BEENEXT, Cloud Capital, Better Capital, and other investors.