On a mission to bring one billion players and their credentials to the channel,a platform for gamers based in Singapore and Bengaluru, announced that it had raised over $12 million in pre-Series A funding.
The round saw participation from institutional investors as well as gaming and crypto, such as Square Peg, BEENEXT, Hashed, Tiger Global and Better Capital. Leading angel investors such as Balaji Srinivasan (ex-CTO, Coinbase), Paul Veradittakit (Partner, Pantera Capital), Binny Bansal (Founder, CoinGecko), among others, were also part of the investment cycle.) and Bobby Ong, and TM Lee, (Co-founders,
In a statement, the company said the funding comes at a time when it is doubling down on global gaming communities by building tools to verify on-chain digital credentials from issuer to player.
“Having backed some of the best gaming companies in the world, we’re excited about Lysto’s mission to drive player reputation across the channel. We’re partnering with Lysto to help them scale the games and Web3 ecosystem we’ve built over the years,” said Tak Lee, Managing Partner, Hashed Emergent.
It last raised $3 million in seed capital in November from high-profile investors and angels. Since then, Lysto claims to have grown into a 25-person team with a shared vision of empowering gamers to create and showcase their credentials across games.
On the sidelines of Korea Blockchain Week 2022, Lysto announced the “Proof of Play Protocol (PoPP),” which aims to standardize player credentials and reputation across the industry. Depending on the use case, these can be issued by games, tournaments, or even automatically generated by players in the form of trophies, game and social badges, game tester tokens, and more.
PoPPs can also be shared with players via AirDrops, APIs, and even email. Players can showcase their PoPPs via a “passport”, which acts as their public profile.
“Through PoPP and Passport, Lysto enables the gaming ecosystem to normalize player reputation. We envision a world where billions of such on-chain attestations across games and tournaments can form the cornerstone of player profiles. By leveraging this, we are on a mission to build the largest gaming community in the world,” said Sadiq Ahamed, Founder and CEO of Lysto.
“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. The team is at the beginning of the journey, but has developed great capabilities in space,” added Tushar Roy, Partner, Square Peg.