Binance Labs has invested in Pluto Studio, the GameFi publishing platform behind the Telegram-based web3 game Catizen. The gaming bot attracted the interest of investors in recent months as positive sentiments dominated the market. Binance Labs continues to support crypto startups to improve innovation in the industry.

Binance Labs Leads Funding Round

In a new release, Binance Labs disclosed that it led an investment funding round for the GameFi projects that launched Catizen. The venture capital arm of the largest crypto exchange Binance is known for financing web3 firms. According to the release, Pluto Studio will use this funding to drive market growth supporting the Catizen mini app alongside game engine constructions. 

This will create an easy pathway to onboard new developers for the project. Yi He the co-founder of Binance Labs expressed delight in the latest funding round pointing to the potential to onboard more users of web3. “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.”

Oh their part, Pluto Studios hailed the support provided by the VC arm of the largest exchange with trading volumes. Ricky Wong, the co-founder of Pluto Studio stated it drives market confidence in the firms to build the infrastructure for web3 entertainment. Wong added that with the funding round.

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Investors Eye Catizen Growth 

The release highlighted the growth prospects of the company in the ever-evolving web3 space. The project boasts about 25 million players with 1.5 million on-chain gamers. Catizen has dominated the TON network making its mark as the top application for three straight seasons of The Open League.

“Players engage in Catizen activities to earn airdrops via its unique play-to-airdrop model, supported by user-friendly interfaces for intuitive interaction. Players can also enhance their cats by merging them to climb leaderboards, potentially yielding higher returns.”

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The post Binance Labs Invests in This Telegram-Based Gaming Bot appeared first on CoinGape.

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Filed under: News - @ July 23, 2024 5:23 pm