Gaming platform

Blockchain-based gaming platform Lysto raises $12 million in pre-Series A round

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Lysto, a platform that seeks to bring gamers and their credentials to the channel, said on Wednesday that it had raised $12 million (95.5 crore rupees) in its pre-funding round. Series A from a group of investors including Square Peg, Beenext, Hashed, Tiger Global and Better Capital.

The funding round saw the participation of angel investors such as Balaji Srinivasan (former CTO, Coinbase), Paul Veradittakit (partner, Pantera Capital), Binny Bansal (founder, Flipkart) and Bobby Ong & TM Lee, (co- founders, CoinGecko), Lysto said in a statement.

The funding comes at a time when the company is creating tools to verify on-chain digital credentials from issuer to player to strengthen its global gaming community, he said.

The statement also states that the company recently launched the “Proof of Play Protocol (PoPP)” in an effort to standardize player credentials and reputation in the industry. PoPPs can be issued by games, tournaments, or even automatically generated by players in the form of trophies, game and social badges, and game tester tokens.

“We envision a world where billions of these on-chain attestations across games and tournaments can form the cornerstone of player profiles. Leveraging this, we are on a mission to create the largest gaming community in the world. “, said Sadiq Ahamed, founder. and CEO, Lysto.

Prior to this funding round, Lysto, which was founded in 2021, raised $3 million in seed capital from Beenext, Better Capital, Cloud Capital and other investors in November last year.

“We are excited about the interplay of gaming and crypto, especially when combined with this team’s unique credentials and passion for bringing crypto to the masses,” said Square Peg Partner Tushar Roy. an Australia-based company that invests in emerging technologies. businesses.

Tak Lee, Managing Partner, Hashed Emergent, said in the release that the venture capital firm is investing in Lysto to help the startup scale the game and web3 ecosystem it has built over the years. Hashed Emergent is a Seoul and Silicon Valley-based investor looking to bet on startups committed to unlocking the potential of blockchain technology.

Startups working at the intersection between gaming and crypto have been attracting investor interest in India in recent months.

Earlier in February, OneTo11 Pte Ltd, which operates an eponymous blockchain-based gaming platform, raised $2.5 million in seed funding from a group of investors including Oracles Investment Group, Maximus Capital, GDA Capital, Magnus Capital, NFT Technologies and Dutch Crypto Investors. .

In May, blockchain-based esports fan engagement startup STAN secured $2.5 million in seed funding led by General Catalyst.