Binance Labs invests in GameFi platform behind Telegram-based Web3 game Catizen

Binance Labs has invested in Pluto Studio, the GameFi publishing platform that launched the Telegram-based gaming bot Catizen.

In an announcement on Tuesday, Binance Labs said it led the investment in Pluto Studio. The startup will use the investment to fund growth initiatives across its platform.

Pluto Studio to use funding to boost Catizen growth

Specifically, the funding will support Pluto Studio’s development of its Catizen mini app and game engine. The platform will also use the investment to onboard more developers.

“We are incredibly thrilled to receive funding from an industry leader like Binance Labs. This investment validates our vision and reinforces our confidence in our ability to build the infrastructure needed to drive the next wave of Web3 entertainment,” Ricky Wong, co-founder of Pluto Studio, said in a statement.

Wong added that backing from Binance Labs will help Pluto Studio “take Catizen to new heights.”

Catizen’s traction on Telegram

The Telegram and TON blockchain ecosystems have grown tremendously in the past few months, with viral projects such as Notcoin and Hamster Kombat taking the market by storm.

Catizen, which launched in March of this year, is among those who brought the Web3 attention economy to millions of Telegram users. By tapping into the Telegram user base, the gaming bot has reached over 25 million players and about 1.5 million on-chain gamers.

Catizen has also attracted more than 500,000 paying users worldwide. The project has seen dominance in TON Foundation’s incentive program, The Open League, which rewards TON users, teams, and traders.

Apart from Catizen, Pluto Studio plans to release more mini-games.

The developers also envision a dedicated mini-app center that will combine Launchpool features, short videos, and e-commerce. Another goal is to tap into the growing interest in gamification and play-to-airdrop initiatives to attract more users to the ecosystem.