Binance Labs Invests in Catizen on Telegram

Binance Labs, a prominent cryptocurrency investment fund, has announced a new project it invested in, Catizen, the #1 gameplay on Telegram.

The $10 billion venture capital fund Binance Labs has disclosed its investment in Pluto Studio, the developer of the Catizen game on Telegram, and The Open Network (TON) blockchain.

Ricky Wong, co-founder of Pluto Studio, confirmed that Binance Labs participated in Strategic Round 2 as an equity investor, even though the investment amount was not disclosed.

Pluto Studio previously secured $2.2 million in its seed round and $4 million in its strategic round 1, with the support of investors, including The Open Platform (TOP) and HashKey Capital.

Catizen, introduced in March, rapidly gained popularity as one of the most popular minigames on Telegram. By consistently tapping the screen and accomplishing tasks to care for virtual cats, players can earn rewards in this “Tap-to-Earn” game.

Catizen has attracted an estimated 25 million participants in months, with 1.5 million on-chain gamers and more than 500,000 paying users worldwide.

Pluto Studio, a Hong Kong-based company, has established ambitious development objectives in conjunction with the establishment of the new capital:

Launch 18 New Minigames: They intend to release approximately 18 minigames of varying genres on Telegram in the upcoming months, utilizing comparable Web3 technology to that employed in Catizen.

Diversify into Additional Entertainment Industries: Commencing with creating a sequence of short films incorporating Web3 components.

Create a Mini E-commerce Application: This application will allow users to purchase products and items directly within the Pluto ecosystem, improving user experience and community engagement.

Increase Hiring: They are expanding their workforce, particularly emphasizing marketing and product management.

Prepare for the CATI Token Airdrop: The official announcement regarding the airdrop’s timetable will be made later. Holders of CATI tokens will receive a portion of the revenue and have the option to stake their tokens to acquire other game tokens within the ecosystem.

In competition with titles such as Notcoin, Hamster Kombat, PixelTap, OKX Racer, and DejenDog by HashKey, Catizen’s business model is consistent with the current “Tap-to-Earn” games prevalent on Telegram.