Lysto has announced a $12 million pre-Series A funding round led by venture firms Square Peg, Beenext, Hashed, Tiger Global, and Better Capital, according to NFT gators.
Angel investors included Balaji Srinivasan (Coinbase ex-CTO), Paul Veradittakit (Pantera Capital partner), Binny Bansal (Flipkart founder), and Bobby Ong and TM Lee (CoinGecko co-founders).
The funds will be used to build tools for issuing on-chain credentials, develop Lysto’s platform, and scale its business development. The platform’s goal is to standardise the Web3 gamer persona across games, platforms, and chains.
Sadiq Ahamed founded Lysto last year, and has recently launched the “Proof of Play Protocol” (PoPP), which provides industry-standardised gamer credentials and reputation. PoPP can be given out by games, tournaments, or even by gamers themselves as trophies, game as well as social badges, and game-tester tokens.
“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,” said Lysto founder and CEO Sadiq Ahamed.
“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,” said Square Peg partner Tushar Roy.
According to Hashed Emergent managing partner Tak Lee, the venture capital firm’s investment in Lysto will help the startup scale across gaming and the Web3 ecosystem.