Lysto, which issues digital credentials to gamers raised $12 million in Pre-Series A from Square Peg, BEENEXT, Hashed, Tiger Global and Better Capital where angel investors including Balaji Srinivasan from Coinbase, Paul Veradittakit from Pantera Capital, Binny Bansal and Bobby Ong & TM Lee from CoinGecko also participated.
Lysto creates APIs, NFTs, and other online gaming tools. It primarily provides digital credentials to online gamers who have won a tournament or game. These credentials are later used in the form of NFTs, which gamers can post on their social media profiles. Lysto plans to use the funds to further develop its technology platform, expand business development activities, and create tools for issuing digital credentials. Lysto claims to have launched the Proof of Play Protocol (PoPP), which provides industry professionals with standardised gaming credentials.