- Web3 gaming infrastructure startup Lysto has raised $12 million funding.
- Lysto now plans to expand its focus on global gaming communities by developing tools to enable verified on-chain digital credentials from issuer to gamer.
- Lysto launched the ‘Proof of Play Protocol’ (PoPP) recently.
Lysto, a web3 gaming infrastructure startup based in Bangalore and Singapore, has raised $12 million (roughly Rs 95.3 crore) in a funding round as part of its mission to bring a billion gamers and their credentials onto the blockchain.
Square Peg, BEENEXT, Hashed, Tiger Global, and Better Capital led the pre-Series A round, which was led by institutional as well as gaming and crypto investors. Prominent angel investors included, among others, Balaji Srinivasan (ex-CTO, Coinbase), Paul Veradittakit (Partner, Pantera Capital), Binny Bansal (Founder, Flipkart), and Bobby Ong and TM Lee (Co-founders, CoinGecko).
The announcement comes as Lysto expands its focus on global gaming communities by developing tools to enable verified on-chain digital credentials from issuer to gamer.
Previously, in November 2021, Lysto raised $3 million from BEENEXT, Better Capital, and other prominent angel investors.
To standardize gamer credentials and reputation across the industry, Lysto launched the ‘Proof of Play Protocol’ (PoPP). Depending on the application, these can be issued by games and tournaments or even generated automatically by Gamers as trophies, game and social badges, game-tester tokens, and so on. PoPPs can also be distributed to gamers via AirDrops, APIs, and even emails.
“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.
Sadiq Ahamed founded Lysto in August 2021 to build APIs, Tools, and Infrastructure to enable the creation and distribution of NFTs across platforms with a few clicks or 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.