Binance Labs has invested an undisclosed amount in Pluto Studio, publisher of Telegram minigame Catizen. Pluto recently raised $6 million in two rounds, co-founder Ricky Wong said.
Binance Labs invested in Pluto Studio!
Binance Labs, the $10 billion venture capital and incubation arm of Binance, the world’s largest cryptocurrency exchange, has invested an undisclosed amount in Pluto Studio, 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, Pluto Studio co-founder Ricky Wong said the venture firm invested in Pluto in a round structured as an equity-only, strategic II round. Discussions with Binance Labs began recently and the round was completed last week, Wong said.
Pluto Studio previously raised two rounds, a $2.2 million seed round and a $4 million strategic I round, Wong said, adding that HashKey Capital and The Open Platform (TOP) were among the investors in the strategic I round. HashKey Capital and TOP announced their investment in Pluto Studio last week without disclosing any funding amount.
What is Pluto Studio?
As you’ve been following on Kriptokoin.com, Pluto Studio launched Catizen in March and has quickly grown to become one of the most popular Telegram mini-games. It’s a “tap-to-win” game that offers players the chance to win prizes by tapping buttons on a screen. The primary game is a kind of roulette wheel that users spin to determine what kind of prizes will be awarded.
Within a few months of its launch, Catizen claims to have reached nearly 25 million players, nearly 1.5 million on-chain players and more than 500,000 paying users worldwide. Wong said that players include all individuals interested in the game regardless of their interaction with Blockchain technologies. Meanwhile, “on-chain players” are defined as players who are interested in Blockchain aspects of the game, such as connecting a crypto wallet, participating in staking cats, or using on-chain transactions to enhance their gaming experience.
Catizen token launch program
Ricky Wong said Catizen’s native CATI token will be launched “soon”. He said CATI holders will benefit “in various ways”. Some of the revenue from the mini-gaming center will be shared with token holders, Wong said, adding that another portion will be allocated to the treasury to buy back tokens and “stabilize the price.” “We will also allow CATI holders to stake their CATI tokens to earn tokens from other games. CATI holders will also be eligible for airdrops when we introduce Open Task and integrate with other projects in the future.”
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