Atari, the iconic game maker has announced that it plans to introduce its own cryptocurrency called Atari Token.
The company which is responsible for the famous video game, Pac-Man made the announcement on Wednesday, thus joining the ranks of numerous other tech companies who have also ventured into cryptocurrency mining. The move by Atari is part of its plan to revive its business.
Atari was at its prime back in the 1970s and the 1980s when it was known for making the most iconic gaming consoles at the time. However, the gaming industry has had a massive leap over the past few decades and the company has not been able to keep up. In fact, the competition from rival companies such as Microsoft Corporation (NASDAQ:MSFT), Sony Corp (ADR) (NYSE:SNE) and Nintendo Co., Ltd (ADR) (OTCMKTS:NTDOY) has been too much.
“Our aim is to take strategic positions with a limited cash risk, in order to best create value with the assets and the Atari brand,” stated Frederic Chesnais, the Chairman and Chief Executive Officer of Atari.
Atari filed for bankruptcy back in 2013 but it looks like the company wants to reinvent itself and get back to its former glory through a cryptocurrency ticket. The name “Atari Token” is however not new. This is because the company had previously created a token that gamers could use for in-game purchases.
The company revealed that it wants to integrate digital currencies through its branding partnership with a company called Pariplay, Ltd, which supplies online games through Atari characters and games. The statement announced last week reveals the possibility that the new token might be used in the company’s online casino plans. The statement highlighted that upon the launch of the Atari token, the firm will also introduce Pong token as part of its venture into new casinos. However, the company will reveal more about the crypto casinos in the future.
The new announcements do not exactly reveal how Atari’s plans to make a comeback into the gaming industry although it will probably not be in the mainstream gaming industry which is currently the domain of Sony and Microsoft.