Atari Planning To Launch Its Own Cryptocurrency
The company that launched iconic video games such as Pac-Man and Pong, Atari has announced that it will issue its own cryptocurrency, called “Atari Token,” according to a statement made by them last week.
“Blockchain technology is poised to take a very important place in our environment and to transform, if not revolutionize, the current economic ecosystem, especially in the areas of the video game industry and online transactions,” said Atari CEO Frédéric Chesnais in a statement. “Given our technological strengths with the development studios, and the global reputation of the Atari brand, we have the opportunity to position ourselves attractively in this sector.”
Atari acquired a 15% stake in Infinity Networks, Ltd, a Gibraltar-based company, licensing its brand to the firm. The collaboration – which was previously implied in statement made in December – will run the development of a digital entertainment platform supported by the Atari Token. The investment was “made without cash disbursement by Atari,” said the game maker.
“Our aim is to take strategic positions with a limited cash risk, in order to best create value with the assets and the Atari brand,” said in a statement Frederic Chesnais, Atari chairman and CEO.
Considering that Atari had previously created an Atari Token to be used as a currency for making in-game purchases, the new token’s naming is pretty confusing. Whether the newest Atari Token will be also used for in-game buys remains to be seen.
Atari also mentioned that it had plans to integrate cryptocurrencies through its branding partnership with Pariplay, Ltd, that create online games using the design of Atari games and characters. The statement made last week also notably suggests that a second token might be created, which would be a cryptocurrency that can be used in online casinos. Atari says that it will announce soon more details on those crypto- casinos.
“To broaden the appeal of these new casinos, and once the Atari Token available, Atari has the project to launch Pong Token, a second token dedicated to crypto-casinos and usable on these gaming sites. The details of this launch of crypto-casinos will be announced soon,” read the statement.
Atari’s announcement comes a month after Kodak’s launched its own cryptocurrency, the KodakCoin, inevitably drawing comparisons, some quite unfavorable. In January Kodak announced the project, along with plans of holding an initial coin offering at the end of said month. The company has since delayed the token sale, and no launch date has since been mentioned.
After the announcement was made, Atari’s stock price saw a noticeable increase. It remains to be seen if the Atari token is just a meant to increase the company’s market value or a serious endeavor.