The pre-Series A round of funding for the gaming platform Lysto totalled over $12 million. With the current fundraising, Lysto has so far raised a total of $15 million in funding to date. More than $12 Mn has been raised for Lysto’s Pre-Collection A funding round, which provides gamers with digital credentials.
Lysto will use the funding to build out its tech platform, scale business improvement initiatives, and create tools for issuing digital credentials.
In its pre-Series, A financing, the gaming platform Lysto raised more than $12 million. Institutional investors and investors in the gaming and cryptocurrency industries, including Square Peg, BEENEXT, Hashed, Tiger Global, and Better Capital, took part in the round.
Participants included Paul Veradittakit, Bobby Ong, Binny Bansal, Balaji Srinivasan, and TM Lee.
The Bengaluru- and Singapore-based startup raised $3 million from renowned investors and angels in its seed round in November 2021. With Lysto raising early-stage funding from Tiger Global, this makes it the thirteenth startup with Indian origin to do so.
On Monday, the New York-based fund led a $15 million Series A round for academic-focused fintech startup Jodo.
“Gaming and cryptocurrency interact in an exciting way, especially when you consider this team’s exceptional credentials and their enthusiasm for making crypto accessible to everyone. “Despite being early in the journey, the team has developed strong capabilities in the space,” said Tushar Roy, partner at Square Peg.
Lysto: Pioneering NFTs for the World
Lysto was established in 2021 by a dedicated group of blockchain and decentralization proponents with extensive knowledge of both the technology and the digital rewards market. Due to its APIs, tools, and infrastructure, anyone — from developers to creators to brands — with little to no experience with blockchain technology can take advantage of NFTs, placing Lysto in a unique position to promote their widespread adoption. Any company or developer can easily incorporate Lysto’s NFT solutions with their digital products with a few simple clicks.
Proof of Play
It’s an intriguing mechanism known as proof of play, users receive rewards for their participation or their proof of play. Proof of Play Protocol (PoPP), according to Lysto, was recently introduced and provides standardized gaming credentials to professional gamers in the market.
We already know that the value of the worldwide gaming market is currently predicted to be close to 170 billion dollars and that by 2026, it is expected to reach 300 billion dollars. It is currently one of the fastest growing and most important markets.
However, this will change as a new niche emerges to dominate emerging gaming markets. In Crypto gaming, games with built-in economies based on cryptocurrency tokens with monetary value.
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