Web3 Startup Lysto bags $12M in Pre-Series A Funding to Bring Gamers On-chain Credentials

Lysto is a startup that issues on-chain credentials to gamers. With the funds, Lysto will build tools for on-chain credentials and improve its platform.

Aug 14, 2022
by Anvi Saini
Web3 Startup Lysto bags $12M in Pre-Series A Funding to Bring Gamers On-chain Credentials
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The Web3 startup Lysto, based in India, has raised $12 million in a pre-Series A funding round from venture capital firms such as Square Peg, Beenext, Hashed, Tiger Global, and Better Capital. Lysto issues digital credentials on-chain for gamers.

With the funds, Lysto will improve its platform, grow its business, and make tools for issuing on-chain credentials. The platform's goal is to bring together the Web3 gamer's identity across games, platforms, and chains.

Sadiq Ahamed started Lysto last year. It makes APIs, NFTs, and other tools, but its main focus is giving digital credentials on-chain to online gamers who win a tournament or game. The credentials can then be posted as NFTs on the gamers' social media accounts.

The new company just released "Proof of Play Protocol" (PoPP), which makes it easier for everyone in the gaming industry to understand a gamer's credentials and reputation. PoPP can be given out as trophies, game and social badges, and game-tester tokens by games, tournaments, or even by gamers themselves.

Sadiq Ahamed, founder and CEO of Lysto:

“Through PoPP and Passport, Lysto is enabling the gaming ecosystem to standardise gamer reputation. We envision a world where on-chain attestations across games and tournaments can form the basic building block of gamers’ profiles,”

Tak Lee, the managing partner at Hashed Emergent, stated that the venture capital firm's investment in Lysto will help the startup scale across gaming and the Web3 ecosystem.

Hashed Emergent is a Seoul and Silicon Valley-based venture capital firm affiliated with the global early-stage venture fund Hashed, with a focus on blockchain and founders from emerging markets, particularly India.

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