Lysto Raises $12 Million In Pre-Series A Funding
Lysto aims to standardize gamer credentials and reputation across the industry through proof of play protocol
Lysto, a platform for gamers, has raised over $12 million in pre-Series A funding from global investors. The round also saw participation from some gaming and crypto investors such as Square Peg, BEENEXT, Hashed, Tiger Global and Better Capital, along with angel investors such as Balaji Srinivasan (ex-CTO, Coinbase), Paul Veradittakit (partner, Pantera Capital), Binny Bansal (founder, Flipkart), Bobby Ong and TM Lee (co-founders, CoinGecko) among others.
"Through PoPP and Passport, Lysto is enabling the gaming ecosystem to standardize Gamer reputation. We envision a world where billions of such on-chain attestations across Games and Tournaments can form the basic building block of Gamer's profiles. Leveraging this, we are on a mission to build the world's largest gaming community," said Sadiq Ahamed, founder and CEO, Lysto.
Lysto announced 'Proof of Play Protocol' (PoPP) to standardize gamer credentials and reputation across the industry. Depending on the use case, these can be issued by Games and Tournaments or even auto-generated by Gamers as trophies, game and social badges, game-tester tokens etc.
"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 responsibilities in the space," said Tushar Roy, partner, Square Peg.
Lysto is building tools to enable verified on-chain 'Digital Credentials' from issuer to gamer through PoPP. Gamers would also be able to showcase these credentials through an on-chain identity platform.