Blockchain infrastructure developer for gamers Lysto has raised $12 million in a pre-Series A funding round, The Block reported.

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

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

The startup provides players with tools to verify blockchain credentials. The project team will spend the investments received on the development of the so-called proof-of-game protocol. It will help players digitize their credentials online, using them as online certificates to form teams and participate in tournaments.

The Lysto protocol is currently in beta testing at Polygon. According to Sadiq Ahamed, founder and CEO of Lysto, the project plans to support almost all blockchains in the future. The expansion will launch with Solana, ImmutableX, and Flow.

Ahamed added that Lysto caters to both Web3 and web gamers, allowing traditional players to authenticate their credentials through the protocol.

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

Recall that in May 2022, venture capital firm Andreessen Horowitz led a $15 million startup round for Azra Games, a startup creating massive strategic role-playing games based on blockchain and NFT.

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