A pre-series A round of funding of over US $12 million was provided by Square Peg, Tiger Global, and Better Capital for the NFT firm Lysto, which has offices in Singapore and India. Additionally, angel investors such as former Coinbase CTO Balaji Srinivasan and Flipkart founder Binny Bansal took part in the round.
Following Lysto’s $3 million seed round in November of last year, the company raised money. The business claimed that it has subsequently increased to 25 employees.
Lysto, which was established in 2021 by its CEO Sadiq Ahamed, focuses on developing the infrastructure and tools for blockchain gaming.
The business plans to invest more money in its main Proof of Play Protocol (PoPP) product, which was released earlier this year. An on-chain digital credential called PoPP aspires to standardize player identification and reputation throughout the sector.
Game designers and tournament directors may grant these credentials, or players may produce them automatically. They can serve as awards, social badges, or tokens for game testers, depending on the situation. In addition to using other techniques like email and airdrops, players can also display their credentials to other users.
“We envision a world where billions of such on-chain attestations across games and tournaments can form the basic building block of gamers’ profiles,” Ahamed said in a statement.
