The video game console for hits like eighties favorite Pac-Man is readying a pair of digital tokens, which is likely…
The video game console for hits like eighties favorite Pac-Man is readying a pair of digital tokens, which is likely to rack up points with investors. The Atari Group revealed a two-pronged initiative for which it has inked a couple of partnerships involving not one but two cryptocurrencies.
Atari is the latest in what appears to be the making of a trend of old companies past their prime looking for a reboot in the cryptocurrency markets. Atari should expect that regulators will be closely monitoring its token sale/issuance, as the company doesn't want to run into similar roadblocks that slowed fellow icon Eastman Kodak's token plans.
Atari's projects are comprised of a crypto entertainment platform for the Atari Token as well as a casino platform for cryptocurrency gaming activity. Atari's stock is listed in Paris and shares have advanced 57% since the last time it updated its blockchain plans about a week ago. The company first made its blockchain ambitions known at year-end 2017.
Now Atari is tipping its hand to more of its strategy, which involves taking a 17.5% equity stake in Gibraltar-based blockchain startup Infinity Networks, to which the game console company has licensed out its brand. Infinity is behind a decentralized platform for digital entertainment across channels including video games, film and music.
Atari is quick to point out that the Infinity platform is still under development, which is a key point for potential buyers of the Atari Token, which will fuel the Infiniti platform.
Meanwhile, Atari also has its sights set on the casino market and is taking its relationship with online gaming platform Pariplay, whose platform is fueled both by fiat money and cryptocurrencies.
Nostalgic gamers will be glad to see some of their favorite Atari games on the online casino sites, though the company doesn't identify which ones yet. Atari is developing a second digital coin dubbed the Pong Token that will be dedicated to the casino platform.
Gaming has been among the sectors to flock to the blockchain, with casinos, gamers and virtual gifting startups frequently issuing proprietary tokens in ICOs designed to function within their respective ecosystems.
Meanwhile, Gibraltar, which is where Atari's blockchain partner Infinity Networks is domiciled, is on track to emerge as the maiden territory to unveil ICO regulation. This bodes well for potential buyers of the Atari Token, as it gives the company a model by which to follow should it decide to pursue the ICO route with its new tokens.