Binance Labs Invests in Catizen on Telegram

The $10 billion venture capital fund Binance Labs has announced its investment in Pluto Studio, the developer behind the Catizen game on Telegram and The Open Network (TON) blockchain. While the investment amount was not disclosed, Ricky Wong, co-founder of Pluto Studio, confirmed that Binance Labs participated in the Strategic Round 2 as an equity investor.

Previously, Pluto Studio successfully raised $2.2 million in its Seed round and $4 million in Strategic Round 1, with participation from investors such as HashKey Capital and The Open Platform (TOP).

Launched in March, Catizen quickly became one of the most popular minigames on Telegram. This “Tap-to-Earn” game allows players to earn rewards by continuously tapping the screen and completing tasks to care for virtual cats. In just a few months, Catizen has attracted approximately 25 million players, including 1.5 million on-chain gamers and over 500,000 paying users globally.

How Will Pluto Studio Utilize the Funds?

With the new capital, Hong Kong-based Pluto Studio has set forth ambitious development plans:

Launch 18 New Minigames: They plan to release around 18 diverse genre minigames on Telegram in the coming months, integrating similar Web3 technology as used in Catizen.
Expand into Other Entertainment Sectors: Beginning with the development of a series of short films incorporating Web3 elements.
Develop a Mini E-commerce Application: This app will enable users to shop for goods and items directly within the Pluto ecosystem, enhancing user experience and community engagement.
Increase Hiring: Expanding their team, particularly in product management and marketing.
Prepare for CATI Token Airdrop: The official announcement for the airdrop timing will come later. CATI token holders will share a portion of the revenue and can stake CATI to earn other game tokens within the ecosystem.

Catizen’s business model aligns with the trending “Tap-to-Earn” games on Telegram, competing with titles like Notcoin, Hamster Kombat, PixelTap, OKX Racer, and DejenDog by HashKey.