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Web3 startup Lysto raises $12 million in funding

Lysto, a Web3 startup that provides tools to gamers, has raised $12 million (about Rs 95 crore) from Square Peg, Beenext, Hashed, Tiger Global, and Better Capital.

The funding round comes at a time when the company is doubling down on global gaming communities by building tools to enable verified on-chain digital credentials from issuer to gamer.

Angel investors, including Balaji Srinivasan (ex-CTO, Coinbase), Paul Veradittakit (partner, Pantera Capital), Binny Bansal (founder, Flipkart) and Bobby Ong and TM Lee, (cofounders, CoinGecko), among others, also participated in the investment round.

The round comes on the heels of a $3 million seed capital it raised in November 2021.

Since then, Lysto has grown to a team of 25 individuals.

The startup also announced the launch of ‘Proof of Play Protocol (PoPP)’, which aims to standardise gamer credentials and reputation across the industry.

Depending on the use case, these can be issued by games, tournaments or even auto generated by gamers as trophies.

The PoPPs can also be shared with gamers via Airdrops, APIs, and even emails.

Gamers can showcase their PoPPs via a ‘passport’, which acts like their public profile, the company said.

“Through PoPP and passport, Lysto is enabling the gaming ecosystem to standardise gamer reputation,” said Sadiq Ahamed, founder and chief executive of Lysto.

“We envision a world where billions of such on-chain attestations across games and tournaments can form the basic building block of Gamers’ profiles. Leveraging this, we are on a mission to build the world’s largest gaming community,” Ahamed said.

Web3 startup Lysto raises $12 million in funding. Congratulations to the entire team. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

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