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Friday, July 12, 2024

Gaming startup Lysto gets $12M to develop its blockchain-based platform

India-based blockchain-based gaming startup Lysto has secured $12 million in a pre-Series A funding round. Among other things, the company that issues digital credentials on-chain for gamers, will use the money to develop its platform.

Lysto, an India-based Web3 buSadiq Ahamed founded Lysto last year, and the company primarily gives digital credentials on-chain to online players when they win a tournament or game. The credentials can then be published as NFTs on the players’ social media pages.

The business has unveiled “Proof of Play Protocol” (PoPP), which provides industry-standardised gamer credentials and reputation.

PoPP can be given out by games, competitions, or even by gamers themselves as trophies, game and social badges, and game-tester tokens. siness that offers digital credentials on-chain for gamers, revealed today that it has secured $12 million in a pre-Series A fundraising round led by Square Peg, Beenext, Hashed, Tiger Global, and Better Capital.

Angel investors included Balaji Srinivasan (ex-CTO of Coinbase), Paul Veradittakit (partner at Pantera Capital), Binny Bansal (founder of Flipkart), and Bobby Ong and TM Lee (co-founders, CoinGecko).

The funds will be utilised to enhance Lysto’s platform,  construct tools for providing on-chain credentials,  and grow its commercial development.

The platform’s goal is to standardise the Web3 gamer identity across games, platforms, and chains. Website – www.coingecko.com

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