Atari Is Launching a Cryptocurrency Because That's Just What a Company Like Atari Does Now
From Gizmodo
Lately, it’s seemed like Atari has been putting it’s focus on two big strategies: crowdfunding and promoting products that don’t exist. So, it makes perfect sense that it’s reportedly getting into the cryptocurrency game with its own coin offering, the Atari Token.Read more: https://gizmodo.com/atari-is-launching-a-cryptocurrency-because-thats-just-1823042620It’s become commonplace for struggling companies to co-opt the rampant interest in cryptocurrencies to excite investors and at least give the appearance of being on the cutting edge. Most recently, Kodak slapped its name on a blockchain initiative that seems to be poorly conceived.
Earlier this month, Fred Chesnais, CEO of Atari Game Partners, bragged to Polygon that the company’s new leadership has rescued it from the edge of bankruptcy over the last few years. “We had €30 million of losses. €35 million of debt,” he said. “Today? No more debt. We are profitable.” That would mean that Atari isn’t quite in the desperate position that Kodak has been over the last year, but it’s still plowing into the land of corporate backed initial coin offerings.
Today’s announcement is light on details. Bloomberg reports:
Shares in the Paris-based company have soared more than 60 percent since it gave further details of its crypto push on Feb. 8, after first mentioning some of the plans in December. Atari is taking a stake in a company that’s building a blockchain-based digital entertainment platform and, as part of that agreement, it will create its own digital currency called Atari Token. The company is also expanding its online casino-gaming partnership with Pariplay Ltd. to allow gambling with digital currencies.
While I applaud the effort and like to see an iconic brand enter the cryptosphere, this project doesn't seem quite right and I agree with article's author that it seems somewhat desperate.
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I agree, and we do need to appreciate this effort. it is certainly worth liking to see the icon brand enter into cryptofer. Hopefully keep the spirit.
that's the trend these days ... companies rebranding with blockchain in their name get 200% stock increases ... lol what a time to be alive
Now that's amazing to hear because, in my opinion now big players are entering into the Cryptocurrency market and i think more to come, but in my opinion, nowadays options for Cryptocurrency traders are really increased because lot of ICO's and Airdrops are introducing in the market. Let's hope that Cryptocurrency market will grow with flying colours. Thanks for this news and update. 🙂
Stay Blessed.