The Voodoo unicorn will launch its own cryptocurrency

Posted Jan 11, 2023, 2:01 PMUpdated on Jan 11, 2023 at 3:31 PM

This is an atypical announcement for a nugget of French Tech. Voodoo, the mobile video game publisher, is working on the launch of a cryptocurrency which is expected to launch in the third quarter of 2023, unveils The Big Whale a French media specialized in Web3.

This cryptocurrency, whose code name is “Voodoo Coin”, should be available via an ICO (“initial coin offering”), a kind of fundraising in cryptocurrencies. This type of financing, via the blockchain, had its heyday in the years 2017-2018.

Some groups like Telegram or the Tezos foundation (blockhain developed by the French Arthur Breitman) raised significant amounts through ICOs. But the blow quickly subsided and, today, few start-ups have recourse to it, including in the crypto universe which was rocked by repeated scandals in 2022 (Terra, Celsius, FTX) .

Atypical financing

Voodoo, which has raised more than $500 million from investment funds since its founding in 2013, would thus become the first unicorn in the history of French Tech to make an ICO to develop new projects.

This type of financing has been regulated since 2019 by the Pacte law. It has the advantage of being quick to carry out, avoids having to resort to intermediaries and involving its community, which can subscribe to the operation.

In parallel, the company will launch Voodoo Infinity: a blockchain-based video game platform. In 2021, the company had announced that it was going to invest 200 million dollars in 2022 (177 million euros) in studios that develop mobile video games designed using this technology.

The big video game players are quite cautious about the blockchain because the most conservative “gamers” are resistant. Yet the latter offers gamers the promise of having full ownership of their digital assets. A player who obtains or purchases a rare item (e.g. a sword) can find out how many copies are in circulation, know its market value, or even trade it for another item.

According to The Big Whale, Voodoo is currently developing about ten games on the blockchain. Three of them could be part of the catalog at launch. Players will be able to earn rewards in games directly convertible into ‘Voodoo Coins’, which will be the global currency of the gaming ecosystem, specifies the specialized media.

A slowing market

These projects come at a pivotal time for Voodoo. After years of rapid growth, the mobile video game market fell by 6.4% year-on-year in 2022 , at 92.2 billion according to Newzoo. A small earthquake in this sector which experienced a spectacular boom during the pandemic.

The hypercasual segment , on which Voodoo is positioned and which concerns games that are quick to learn, inexpensive to produce and above all financed by advertising, is particularly affected. Games on the blockchain could thus diversify the income of the unicorn, even if they represent only a niche for the moment.

Games downloaded 6 billion times

Voodoo is one of the world leaders in the mobile video game market. The unicorn ensures that its games have been downloaded more than six billion times since its creation. At the start of 2022, the company entrusted aim for a turnover of 600 million during the year compared to 425 million in 2021. A goal that it has reached “within a few things”, indicates the company, without giving more details.

“Voodoo is doing well and has a positive cash flow. Even if we adapted like all to the macroeconomic context, we continued to recruit in France or abroad, “said Alexandre Yazdi, the boss of Voodoo, last December. The unicorn currently has around 40 open positions on LinkedIn.

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The Voodoo unicorn will launch its own cryptocurrency

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