Get All Access for $5/mo

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

Tech Burner's Anarc Smartwatch Achieves INR 3 Cr Sales with USD 1 Mn Investment

Anarc features a patented octagonal design by Thought Over Design and Seymourpowell, with a medical-grade stainless steel body. It includes advanced technology like a Hisilicon chipset, AMOLED display, and seven-day battery life.

Diversity

5 Ways You Can Create a More Inclusive Workplace Immediately -- and Why You Should

The more diversity you bring to your team, the greater your chances of finding groundbreaking insights and solutions.

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Marketing

4 Neuromarketing Hacks to Reach More People and Maximize Results

You don't need to be a neuroscientist or have a big budget to start upping your conversions immediately.

News and Trends

Fintech Start-Up CredFlow Secures $3.7M Pre-Series B Funding

CredFlow said that the funding proceeds will go towards "optimizing and scaling the startup's financial services and lending verticals, as well as towards improving its tech and innovation capabilities."

News and Trends

Insurtech Player Zopper Raises $25M in Series D Funding

With 40 insurance companies and 2500+ ecosystem players, Zopper will utilize the fresh capital to ramp up digital infrastructure, by strengthening its Insurance Distribution platform