The video game company Atari Group will start an initial coin offering that will be aimed at launching a crypto casino, rather than only an ico cryptocurrency token as we are reading further in the crypto news.
The Atari Group was founded in 1972 in Sunnyvale, California, but its ownership changed a few times since its foundation. The company currently belongs to the Atari Interactive company, which is a subsidiary of the French publisher Atari, SA. The stock is listed on the NYSE Euronext Paris and has a market cap of about $50 million. The company is entering crypto as we can see from the press release:
“In 2018, the Group had granted an Atari brand license to Infinity Networks, Ltd (“INL”), to develop a blockchain project combining, on the one hand, the creation of a crypto-currency (Atari Token) and, on the other hand, the creation of a decentralized platform giving access to all forms of digital entertainment, a very broad offer ranging from video games to films and music.”
Ever since the project was not doing very fast expected by Atari, the company and the INL terminated the agreement. Ever since Atari Group recovered the rights, the company decided to separate the blockchain initiative into two separate projects. Now the company partnered with another company and will start doing business with crypto:
“In partnership with the ICICB Group in successive steps through private placements starting as early as March 2020 with a public sale by September 30, 2020. Atari is also working on the liquidity of the Atari Token by facilitating the registration of this token on the main exchange platforms. The terms of the Atari Token will be announced at the time of the launch, the Atari Group being entitled to 35% of the proceeds from the sale of the Atari Token.”
The company will also issue Pong Token, which is one of the most popular games that was initially developed back in 1972. The group is also working on creating a digital currency as a part of the operator license in Kenya. When it comes to using the Atari token, the company wants ‘’use cases that are the closest to the video games,’’ and priority will be given to online casinos that accept cryptocurrencies.
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The CEO of Atari SA Frederic Chesnais commented:
“The area of blockchain and cryptocurrencies is of significant interest to us, especially in the domains of the video game industry and of online payments.”
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