The infamous ex video game console creator Atari is recycling into cryptocurrencies. The company announced it will be giving away its trademark name in exchange for 15% of Infinity Network, based on Gibraltar.
The cryptocurrency will be called “Atari Token”. According to the company, it will be used to purchase all kinds of “digital entertainement”.
This is what Fred Chesnais, Atari’s CEO, had to say in its press release,
“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. 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. Our objective is to take strategic positions with a limited cash risk, in order to optimize the assets and the Atari brand.”
The price of the Atari stock has risen by 60% since it announced that it will be making the jump to the blockchain industry.
Atari also has the project of creating the “Pong Token”, which will be used in online cryptocurrency gambling and casino games. Atari had already been involved in online casinos in the past.
About “Pong Token”, Mr. Chesnais said:
“The second project in progress is the strengthening of the partnership with Pariplay, Ltd in the launch in 2018 of casino platforms allowing players to bet either in real money or with most crypto-currencies currently outstanding. These casino sites will offer many Atari games. 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.”
After Kodak and Long Island Iced Tea, Atari wants a piece of the cryptocurrency pie. This might be a good sign that blockchain and cryptocurrencies are becoming more accepted in the public eye. Others say it is the sign that the market is in a bubble.
It will be interesting to see if any of these traditional companies will be able to make their place in the cryptocurrency market. No matter what the point of view, it is a good way for the mainstream media to continue talking about blockchain. As they say, there is no such thing as bad publicity.
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I'm really not too sold on all of these companies jumping into blockchain that have had no experience with anything remotely close to blockchain. When companies like Atari and Kodak start launching tokens it really feels like they are just trying to use their brand to capitalize on a trend without bringing any real value to the table.
Completely agree with you. Even Long Island Iced Tea wanted to get into blockchain. Pretty ridiculous.