This investment is a continuation of HashKey Group’s commitment to the TON ecosystem.
By Anisha Pandey
Edited by Julia Sakovich
Updated
2 mins read
Leading cryptocurrency services provider HashKey Capital has revealed a strategic investment in Pluto Studio, the GameFi publishing platform renowned for its flagship project, Catizen.AI. The release notes that the move seeks to forward the evolution of next-generation GameFi and the global digital entertainment infrastructure.
The blockchain gaming market has been on a massive surge in 2024. Fortune Business Insights projects that by 2030 the GameFi industry will have exceeded $614.91 billion. Based on CoinMarketCap, the industry now has a market valuation of $21.3 billion.
HashKey Capital will primarily direct its investment towards the development of Pluto Studio’s mini-game sector within the TON ecosystem. Moreover, a major part of the funding will also be allotted for co-building the ecosystem and developing future ventures.
Catizen, the debut project from Pluto Studio, has garnered praise from key contributors within the TON ecosystem. It is a Telegram-based gaming bot and has an In-App Purchase (IAP) and In-App Billing (IAB) system. This model has maintained a 7% conversion rate of users transitioning from Web 2.0 to Web 3.0 since its launch.
Notably, the gaming bot has over 500,000 paying users, with an Average Revenue Per User (ARPU) of $30.2, much higher than the industry average of $0.2. This high-quality user base sets Catizen apart from other mini-apps within the TON ecosystem.
It is interesting to note that Pluto Studio is launching 18 more games, further enhancing Catizen’s user base. Ben El-Baz, Managing Director of HashKey Global, states:
“As a phenomenal product in the GameFi sector in 2024, Catizen offers possibilities for the future development of next-generation GameFi. We are excited to continue participating in the global digital entertainment industry innovation based on our collaboration within the TON ecosystem.”
El-Baz added that his company aims to “explore the creation of a new paradigm that integrates digital finance and digital entertainment”.
This investment is a continuation of HashKey Group’s commitment to the TON ecosystem. In April, HashKey Group joined hands with the TON Foundation to use the former’s resources for treasury management in the Asia-Pacific region. The partnership also planned to potentially invest within the TON ecosystem.
Meanwhile, HashKey Group is also launching its own token, ERC-20 standard-based HSK, in the third quarter of this year. The token will have a total supply of 1 billion units, with 65% allocated for ecosystem growth.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
