Lysto, which issues digital credentials to gamers, has raised more than $12 million in its pre-Series A funding round. Square Peg, BEENEXT, Hashed, Tiger Global and Better Capital participated in the round.
In addition, angel investors including Balaji Srinivasan of Coinbase, Paul Veradittakit of Pantera Capital, Binny Bansal and Bobby Ong & TM Lee of CoinGecko also participated. Including current fundraising, Lysto has raised a total of $15 million to date.
Lysto will use the funding to develop its technology platform, expand business development activities and create tools for issuing digital credentials.
Founded in 2021 by Sadiq Ahamed, Lysto creates APIs, NFTs and related tools for online gamers. It primarily issues digital credentials to online players after they win an online tournament or game. Later, these credentials are used in the form of NFTs that players can publish on their social media profiles.
Sadiq Ahamed, Founder and CEO of Lysto, said, “Through PoPP and Passport, Lysto enables the gaming ecosystem to standardize player reputation. We envision a world where on-chain attestations across games and tournaments can form the foundational building block of player profiles.”
Tushar Roy, Partner at Square Peg, said, “We are excited about the interplay of gaming and crypto, especially combined with this team’s unique credentials and their passion to bring crypto to the masses. The team is early stage but has built great capabilities in the space.”
Recently, Lysto claims to have launched the Proof of Play Protocol (PoPP), which offers standardized game data to professional players in the industry. PoPPs are game tester trophies, social badges and tokens that issue games and online tournaments. It can be shared with players via AirDrops, APIs and emails, and later players can place it on their public profile.
In November 2021, Lysto secured $3 million in its seed round of funding from BEENEXT, Better Capital, Cloud Capital and other investors. She says she has increased her staff to 25 since the last fundraiser.
It competes with organizations like Alzheimer’s Research, which grant gaming credentials to professional gamers.
The number of online gamers in India will rise by 8% to 390 million in 2021. According to a KPMG report, the Indian gaming market is projected to attain the $3.9 billion mark by 2025.