Lysto, a Web3 startup that provides gaming tools, has raised $12 million for gaming business. Picture Courtesy: Inch24

Lysto, a Web3 startup that provides gaming tools, has raised $12 million for gaming business. Picture Courtesy: Inch24

Lysto raises $12 million for Gaming Business

Newsroom Aug 12, 2022

Lysto, a Web3 startup that provides gaming tools, has raised $12 million for Proof of Play Protocol (PoPP)’, which aims to standardize gamer credentials and reputation across the industry.

Overview:

  • Listo, which issues digital credentials to gamers, has raised more than $12 million in its pre-Series A funding round.
  • Lysto will use the funds to develop its technology platform, scale up business development activities, and build tools for digital credential issuance.
  • Including current fundraising, Listo has raised a total of $15 million.

A platform called Lysto, which aims to integrate players and their credentials onto the blockchain, said on Wednesday that it had secured $12 million (about Rs 95.5 crore) from several investors, including Square Peg, Beenext, Hashed, Tiger Global, and Better Capital.

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In the investment round, angel investors included former Coinbase chief technology officer Balaji Srinivasan, Pantera Capital partner Paul Veradittakit, Flipkart founder Binny Bansal, and CoinGecko co-founders Bobby Ong and TM Lee, according to a statement from Lysto.

Blockchain shines the business

The founder and CEO of Lysto. Picture Courtesy: YourStory

The business claimed the money comes as it develops technologies to allow verified on-chain digital credentials from issuer to player to grow its worldwide gaming community. The firm recently established "Proof of Play Protocol (PoPP)," according to the announcement, to standardize gamers' reputations and credentials throughout the sector. PoPP may be distributed via games, competitions, or even automatically by players in the form of tokens for game testers, social and gaming badges, and trophies.

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They see a scenario where the fundamental component of gamers' profiles may be billions of such on-chain attestations across Games and Tournaments. Using this, they want to create the biggest gaming community on the planet, as stated by Sadiq Ahamed, founder, and CEO of Lysto. Lysto a 2021 startup, had previously obtained $3 million in venture finance from Beenext, Better Capital, Cloud Capital, and other investors in November of the previous year.

About the gaming startup

Lysto raises $12 million for Gaming Business. Picture Courtesy: Lysto

They are excited by the convergence of cryptocurrency and gaming, particularly when combined with this team's exceptional credentials and passion for making cryptocurrency accessible to all, said Tushar Roy, Partner at Square Peg. This Australian company invests in startups in emerging technologies. According to Tak Lee, Managing Partner at Hashed Emergent, the investment in Lysto will assist the business in expanding into the gaming industry and the web3 ecosystem it has built over time. Hashed Emergent is an investor with offices in Seoul and Silicon Valley that aims to back businesses working to realize blockchain technology's full potential.

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Gaming startup plans in India

Cryptocurrency has drawn the attention of investors in Gaming. Picture Courtesy: Flipboard

In recent months, startups in India that combine gaming and cryptocurrency have drawn the attention of investors. Earlier in February, Oracles Investment Group, Maximus Capital, GDA Capital, Magnus Capital, NFT Technologies, and Dutch Crypto Investors all contributed to the $2.5 million initial fundraising of OneTo11 Pte Ltd, which manages the namesake blockchain-based gaming platform.

STAN, a blockchain-based Esports fan interaction firm, received $2.5 million in initial investment in May from a group of investors headed by General Catalyst. Lysto received $3 Mn in initial fundraising from BEENEXT, Better Capital, Cloud Capital, and other investors in November 2021. It states that since the previous fundraising effort, its staff has grown to 25 people. It competes with organizations like Alzheimer's Research, providing professional players with gaming credentials. There are 390 million online gamers in India, an 8% increase from the previous year. A KPMG analysis predicts that the Indian gaming industry will reach $3.9 billion by 2025.

You can also download the Tournafest app from Google Play or App Store to play Esports Tournaments & Scrims games like BGMI, Free Fire MAX, Call of Duty, CS: GO, Valorant, Pokemon Unite & win exciting rewards! You may also organize Tournaments & fetch unmatched perks.

Until next time,

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Manish Gupta

I’m a creative thinker. I think it’s important to approach tasks and issues from different angles, rather than doing what has always been done. By having an open mind and taking a different approach.