The legendary online game firm, The Atari Group, will conduct an Preliminary Coin Providing with the intention of launching a cryptocurrency on line casino.
Atari
Atari was based in 1972 in Sunnyvale, California, although it has modified fingers a number of instances. The corporate at the moment belongs to Atari Interactive, a subsidiary of the French writer, Atari, SA. Its inventory is listed on NYSE Euronext Paris with the present market cap of slightly below $50 million.
Atari Token & Atari Digital Leisure Platform
In line with the March 10th press launch:
“In 2018, the Group had granted an Atari model license to Infinity Networks, Ltd (“INL”), to develop a blockchain undertaking combining, on the one hand, the creation of a crypto-currency (Atari Token) and, alternatively, the creation of a decentralized platform giving entry to all types of digital leisure, a really broad provide starting from video video games to movies and music.”
Nonetheless, because the “undertaking was not progressing on the velocity anticipated by Atari”, the corporate and INL ”amicably” terminated the settlement. Since recovering the rights, Atari Group has determined to separate its blockchain initiative into two separate initiatives.
Atari tokens
The Atari Group is now partnering with one other firm on the issuance of the token:
“In partnership with the ICICB Group in successive steps via non-public placements beginning as early as March 2020 with a public sale by September 30, 2020. Atari can be engaged on the liquidity of the Atari Token by facilitating the registration of this token on the principle alternate platforms. The phrases of the Atari Token shall be introduced on the time of the launch, the Atari Group being entitled to 35% of the proceeds from the sale of the Atari Token.”
Moreover, the corporate will situation Pong Token, with Pong being probably the most well-liked video games developed by Atari again in 1972:
“The Group is at the moment creating one other digital forex (Pong Token) as a part of its operator license in Kenya, for native purposes.”
Gamble on cryptocurrencies
In relation to the use instances for the Atari Token, the corporate favors “use instances which can be closest to the area of video video games, with precedence being given to on-line casinos which can be playable with cryptocurrencies”.
Frédéric Chesnais, CEO of Atari, SA, commented on the difficulty:
“The world of blockchain and cryptocurrencies is of great curiosity to us, particularly within the domains of the online game trade and of on-line funds.”
The Atari Group’s companion ICICB Group will “launch a on line casino utilizing cryptocurrencies” by September 30, 2020:
“The Atari Group is entitled to 50% of the online gaming revenues (quantities wagered minus winnings), and the ICICB Group has assured Atari the fee of an quantity of seven.5 million euros to Atari over a interval of three years.”
Profitable fundraising
On March 17, the Atari Group announced that it raised €3.26 million fairness spherical. Among the proceeds will go to “finance the launch of latest video games and on the identical time it’ll permit to strengthen the advertising finances allotted to the Atari VCS.”
The “Danger Issue” part has a point out of COVID-19, however no point out of the upcoming token sale.
Although the Atari Group is just not the video gaming pioneer it as soon as was, it’s intriguing to see a publicly-traded firm with such a pedigree aggressively enter the cryptocurrency house.
With the rise of NFTs and sensible contracts, gaming has change into one among blockchain expertise’s essential use instances in recent times.