Funding Alert

Blockchain startup Lysto bags $12 million in Pre-Series A funding

• ByStartupStory     |    August 10, 2022

On Wednesday Singapore and Bengaluru-based firm Lysto, that seeks to bring gamers and their credentials on-chain, announced  that it has raised $12 million (Rs 95.5 crore) in its pre-Series A round of funding from a number of investors including Square Peg, Beenext, Hashed, Tiger Global and Better Capital. 

Prior to this round of funding, Lysto had raised $3 million in its initial funding from Beenext, Better Capital, Cloud Capital, and other investors in November 2021.

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 the company ,Lysto.

The company confirmed in a statement that the funding comes at a time when its doubling down on developing technologies to enable verified on-chain digital credentials from issuer to gamer.

Tushar Roy, Partner, Square Peg, an Australia-headquartered company that invests in emerging technology startups said “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.” 

In a  statement Tak Lee, Managing Partner for Hashed Emergent, said  that the venture capital firm is investing in Lysto to help the startup scale across gaming and the web3 ecosystem that it has been building itself over the years. Investor Hashed Emergent, with offices in Seoul and Silicon Valley, aims to back businesses that are utilising blockchain technology to its fullest potential.

About Lysto

Lysto was founded by Sadiq Ahamed in the year 2021 ,As part of the upcoming Korea Blockchain Week 2022 in Seoul, the Bengaluru and Singapore-based Lysto is developing tools called the “Proof of Play Protocol” (PoPP) that aim to standardise player credentials and reputation across games, platforms, and chains.

 

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