Lysto, an India-based Web3 startup that issues digital credentials on-chain for gamers, today announced that it has raised $12 million in a pre-Series A funding round from venture firms including Square Peg, Beenext, Hashed, Tiger Global and Better Capital.
The round also saw participation from angel investors such as Balaji Srinivasan (ex-CTO, Coinbase), Paul Veradittakit (partner, Pantera Capital), Binny Bansal (founder, Flipkart) and Bobby Ong & TM Lee, (co-founders, CoinGecko).
Funds will be used to develop Lysto’s platform, scale its business development and build tools for issuing on-chain credentials. The platform aims to unify Web3 gamer persona across games, platforms and chains.
Founded last year by Sadiq Ahamed, Lysto builds APIs, NFTs and allied tools and primarily issues digital credentials on-chain to online gamers after they win a tournament or game. The credentials can then be published on the gamers’ social media profiles in the form of NFTs.
The startup recently launched “Proof of Play Protocol” (PoPP) which offers standardised gamer credentials and reputation across the industry. PoPP can be issued by games, tournaments or even auto-generated by gamers as trophies, game and social badges and game-tester tokens.