Binance Labs Invests in Pluto Studio

Binance Labs, the $10 billion venture capital and incubation arm of the crypto exchange Binance, has invested an undisclosed sum in Pluto Studio, the publisher of the popular Telegram game Catizen built on The Open Network (TON) blockchain.

While Binance Labs did not disclose the size of the investment, Ricky Wong, co-founder of Pluto Studio, informed The Block that the venture firm solely invested in Pluto in an equity, strategic II round. Wong stated that discussions commenced recently, and the round concluded last week.

Pluto Studio previously secured two rounds of funding: a $2.2 million seed round and a $4 million strategic I round. HashKey Capital and The Open Platform (TOP) were among the investors in the strategic I round, although no funding amounts were disclosed.

What is Pluto Studio?

Pluto Studio published Catizen in March, and it rapidly became one of the popular Telegram mini-games. It is a “tap-to-earn” game where players earn rewards by tapping buttons on the screen. The primary game involves spinning a roulette wheel to determine rewards.

Within a few months of launch, Catizen claims approximately 25 million players, with about 1.5 million on-chain gamers and over 500,000 paying users globally. Players include anyone engaging with the game, regardless of blockchain technology interaction. On-chain gamers engage with blockchain aspects, such as connecting wallets and staking.

When questioned about the large player count and potential bot involvement, Wong explained that Catizen has implemented strategies to deter bots effectively. By tracking user activities and interactions, the platform can ban fraudulent accounts before airdrops are distributed, ensuring data authenticity. The average revenue per user currently sits at $30.7 for paying users.

Pluto Studio Plans

With new funding, Hong Kong-based Pluto Studio aims to release more Telegram mini-games, with 18 contracted for upcoming months. These games will span various genres and incorporate web3 functionalities to engage and educate players. Additionally, the studio plans to develop a short drama series with web3 elements and an e-commerce mini-app for user engagement.

Currently, Pluto employs over 30 people and plans to expand its team in product management and marketing.

Catizen Token Launch Schedule

Wong revealed that Catizen’s native CATI token will launch “soon,” providing holders with various benefits. Revenue from the mini-game center will be shared with token holders and used for token buybacks to stabilize the price. CATI holders can stake their tokens to earn from other games and will be eligible for future airdrops connected to Open Task and collaborations with other projects.

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