Tiger Global backs $12m investment in gamer startup

Lysto, a blockchain infrastructure developer for gamers, raised $12 million in a pre-Series A round. сообщает The Block.

The round was led by venture firms Square Peg, Beenext and Hashed. Other investors included Tiger Global, Better Capital, former Coinbase CTO Balaji Srinivasan, Pantera Capital partner Paul Veraditakit, Flipkart cofounder Binny Bansal, CoinGecko co-founders Bobby Ong and TM Lee.

As part of the deal, Square Peg partner Tushar Roy became a member of Lysto’s board of directors.

The startup provides gamers with tools to verify their credentials on the blockchain. The funds will be used to develop the so-called Proof-of-Play protocol. It will help gamers digitize their credentials on the network, using them as online certificates to form teams and participate in tournaments.

Lysto’s protocol is currently running on Polygon in beta. According to founder and CEO Sadik Ahmed, the project plans to support almost all blockchains in the future. Expansion will begin with Solana, ImmutableX and Flow.

Ahmed added that Lysto serves both Web3 and traditional web gamers, enabling conventional players to verify their credentials through the protocol as well.

After the pre-Series A round, Lysto’s total funding reached $15 million. In November 2021 the firm raised $3 million in seed capital.

In May 2022, venture firm Andreessen Horowitz led a seed round on the sum of $15 million for the startup Azra Games, building blockchain-based mass-market strategy role-playing games and NFT.

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