Lysto, a web3 startup, raises $12 million

11 Aug 2022 , 09:30 AM

Square Peg, Beenext, Hashed, Tiger Global, and Better Capital have invested $12 million (about Rs 95 crore) in Lysto, a Web3 firm that offers tools to gamers.

By developing tools to enable validated on-chain digital credentials from issuer to gamer, the company is doubling down on the world’s gaming communities at the same time as the investment round.

Along with other angel investors, the investment round also included Bobby Ong and TM Lee, cofounders of CoinGecko, Paul Veradittakit, partner at Pantera Capital, Binny Bansal, creator of Flipkart, and ex-CTO of Coinbase, Balaji Srinivasan.
Since then, Lysto has expanded to a staff of 25 people.

Additionally, the business announced the introduction of the “Proof of Play Protocol (PoPP),” which intends to standardize gamer reputation and credentials throughout the sector.

These can be given out through games, competitions, or even automatically generated by players as trophies, depending on the use case.
Gamers can also receive the PoPPs via emails, APIs, and airdrops.
According to the startup, gamers can display their PoPPs through a “passport,” which serves as their public profile.