Binance Labs has led a new investment round for Pluto Studio, the company behind the wildly popular GameFi platform Catizen. This strategic move aims to capitalize on Catizen’s explosive growth in the Web3 gaming space.
According to a July 23 announcement from Binance Labs, Pluto Studio’s flagship project, Catizen, has taken the crypto gaming world by storm. Launched in March, the Telegram-based gaming bot seamlessly integrates with the TON blockchain, offering a unique play-to-airdrop model that has resonated with millions of users worldwide.
However, Catizen has achieved remarkable success, rapidly building a community of about 25 million players within just a few months. Among them, 1.5 million are actively involved in on-chain activities. Notably, more than 500,000 users have already converted into paying customers, underscoring the game’s potential for monetization.
Moreover, the game’s ‘Meowverse’ setting has struck a chord with players, who use digital cat avatars to participate in various activities and earn airdrops. This gamified approach to Web3 onboarding has proven highly effective, with Catizen dominating the TON blockchain ecosystem for three consecutive seasons of The Open League.
Impact of Binance Labs’ investment
Binance Labs’ investment will support Pluto Studio’s ambitious growth strategy. It will focus on advancing Catizen’s mini-app creation and game engine development. This backing aims to attract more developers to join the ecosystem and enhance its offerings.
Co-Founder of Binance and Head of Binance Labs, Yi He, said:
Binance Labs is always excited about supporting projects like Pluto Studio that have the potential to onboard billions of users into Web3. We look forward to backing more visionary builders who aim to create products designed for mass adoption.
Amid the rising trend of merging gaming and blockchain tech, this investment in Pluto Studio garners attention. Nevertheless, Catizen’s triumph reflects the demand for engaging blockchain games.
