EXCLUSIVE: Voodoo suspends its cryptocurrency project

Thursday, October 12, 2023

In the absence of regulatory stability in the United States, the French mobile gaming giant has decided to postpone the launch of Voodoo Coin, originally scheduled for the end of the year.

Voodoo is putting the brakes on its crypto ambitions in a big way. According to our information, the French mobile gaming giant has decided to temporarily suspend its NFT-related projects and, in particular, the launch of its own token, the "Voodoo Coin".‍

This decision was prompted by the current regulatory uncertainties in the United States, where the financial authorities, notably the SEC, are stepping up their scrutiny of projects featuring a 👀 token. Given the importance of the US market for the French unicorn, it was too risky to expose itself to potential sanctions and Voodoo has therefore decided to postpone its plans.

When questioned, the company did not specify when the project would resume.

The initial plan of Voodoo, which has recorded more than 6 billion downloads since its creation in 2013, was to create a token to allow players to access premium content on blockchain games. These games were in development and were to be available on a new app called "Voodoo Infinity".

The aim of this system is to allow players to earn rewards redeemable for "Voodoo Coins". As we revealed earlier this year, giant Binance is the favourite to list the Voodoo token.

The choice of Binance would make sense, insofar as Voodoo is very well known in the United States and Europe, but much less so in Asia, an area where the exchange platform is crushing the competition.

With this project, Voodoo hopes to expand its audience, even if this is not easy in the Web3 universe. Sorare currently has almost 700,000 unique monthly users, but it's still a long way from the big successes of traditional mobile games. Just one example: Candy Crush had 240 million active monthly players at the end of last year!

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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