Legendary video game company the Atari Group volition conduct an initial money offering aimed at launching a cryptocurrency casino.

Atari was founded in 1972 in Sunnyvale, California, though ownership has changed easily several times since then. The company currently belongs to Atari Interactive, a subsidiary of the French publisher, Atari, SA. Its stock is listed on NYSE Euronext Paris with a current market cap of but under $l million.

And now the company's entering crypto. According to the visitor's March tenth press release:

"In 2022, the Group had granted an Atari make license to Infinity Networks, Ltd ("INL"), to develop a blockchain projection combining, on the one hand, the creation of a crypto-currency (Atari Token) and, on the other mitt, the creation of a decentralized platform giving admission to all forms of digital entertainment, a very broad offer ranging from video games to films and music."

But since the "project was not progressing at the speed expected by Atari," the company and INL "amicably" terminated the agreement. Since recovering the rights, Atari Group has decided to separate its blockchain initiative into 2 separate projects.

One Atari visitor, two official tokens

The Atari Grouping is partnering with some other visitor for aid in going crypto:

"In partnership with the ICICB Group in successive steps through individual placements starting as early as March 2022 with a public auction by September 30, 2022. 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 appear at the time of the launch, the Atari Group beingness entitled to 35% of the proceeds from the sale of the Atari Token."

The company will also event Pong Token, with Pong being one of the most popular games developed by Atari back in 1972:

"The Group is currently developing another digital currency (Pong Token) as role of its operator license in Kenya, for local applications."

Gambling on cryptocurrencies

When it comes to the use cases for the Atari Token, the visitor favors "apply cases that are closest to the domain of video games, with priority being given to online casinos that are playable with cryptocurrencies." Frédéric Chesnais, CEO of Atari, SA, commented on the outcome:

"The expanse of blockchain and cryptocurrencies is of significant interest to united states, especially in the domains of the video game industry and of online payments."

Atari Group partner ICICB Group volition "launch a casino using cryptocurrencies" past September thirty, 2022:

"The Atari Group is entitled to 50% of the cyberspace gaming revenues (amounts wagered minus winnings), and the ICICB Group has guaranteed Atari the payment of an corporeality of 7.5 million euros to Atari over a catamenia of 3 years."

Successful fundraising

On March 17, the Atari Group announced that it raised a €3.26 1000000 equity round. Some of the proceeds will go to "finance the launch of new games" and let it "strengthen the marketing budget allocated to the Atari VCS."

Though the Atari Grouping is not the video gaming pioneer it in one case was, information technology is intriguing to meet a publicly-traded visitor with such a pedigree aggressively enter the cryptocurrency space.

With the rise of NFTs and smart contracts, gaming has get 1 of blockchain technology'southward chief utilize cases in recent years.