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

Binance Labs has invested in GameFi streaming platform Pluto Studio, which launched Telegram-based gaming bot Catizen.

Binance Labs said on Tuesday that it led the investment in Pluto Studio, which will be used to fund growth initiatives across its platform.

Pluto Studio to use funding to fuel Catizen’s growth

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

“We are incredibly excited 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,” Pluto Studio co-founder Ricky Wong said in a statement.

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

Catizen’s influence on Telegram

The Telegram and TON blockchain ecosystems have seen tremendous growth in the past few months, with viral projects like Notcoin and Hamster Kombat taking the market by storm.

Launched in March of this year, Catizen is among those bringing the Web3 attention economy to millions of Telegram users. By leveraging the Telegram user base, the gaming bot has reached over 25 million players and around 1.5 million on-chain players.

Catizen has also attracted over 500,000 paying users worldwide. The project has dominated The Open League, the TON Foundation’s incentive program that rewards TON users, teams, and merchants.

Pluto Studio plans to release more minigames alongside Catizen.

The developers also envision a dedicated mini-app hub that will combine Launchpool features, short videos, and e-commerce, while another goal is to capitalize on the growing interest in gamification and airdrop initiatives to attract more users to the ecosystem.