[Funding alert] Gaming platform Lysto raises $12 mn in Pre-Series A round

In its Pre-Series A investment round, Lysto, which provides gamers with digital credentials, raised $12 million from a number of investors.

Many investors including Tiger Global, Better Capital, Square Peg, BEENEXT, Hashed, Binny Bansal (Founder, Flipkart), Balaji Srinivasan (ex-CTO, Coinbase), Paul Veradittakit (Partner, Pantera Capital), and Bobby Ong, and TM Lee, (Co-founders, CoinGecko), among others, also invested in this round.

The startup plans to use the funds to develop its tech platform, scale up business development activities, and build tools for digital credential issuance.

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Singapore and Bengaluru-based Lysto was founded in 2021 by Sadiq Ahamed, It builds APIs, NFTs and associated tools for online gamers. It primarily issues digital credentials to online gamers after winning an online tournament or game.

After that, these credentials are used in the form of NFTs that gamers can publish on their social media profiles.

"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 and CEO, Lysto.

The company recently claimed to have launched Proof of Play Protocol (PoPP) which provides standardized gaming credentials to professional gamers in the industry. In short POPPs are trophies, social badges and game-tester tokens issued by games and online tournaments. Also, it can be shared with gamers through Airdrop, API and mail and later, gamers can put it on their public profile.

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“We are excited by the interplay of gaming and crypto, especially when combined with this team's unique credentials and their passion to bring crypto to the masses. The team is early in the journey yet has built out great capabilities in space,” said Tushar Roy, Partner, Square Peg.

In November 2021, Lysto had raised $3 million in its seed funding round from BEENEXT, Better Capital, Cloud Capital and other investors.

About Lysto

Lysto is a web 3.0 company focussed on creation, distribution and monetisation of virtual digital assets is gaming and associated verticals.