Atari creating own blockchain and cryptocurrency

Posted: 16 February 2018 2:20 pm
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Atari plans to develop a decentralized platform that will utilize a dedicated cryptocurrency, the Atari Token.

Atari, an early architect of arcade games and video game consoles, has decided to develop its own cryptocurrency, supported by a decentralized blockchain crypto-platform, for accessing digital entertainment.

Atari acquired a 15% stake in Gibraltar-based company Infinity Networks Ltd “without a cash disbursement”.

As part of a formal announcement late last week Atari said that in exchange for these equity interests, earnings and future royalties, Atari has granted Infinity Networks a long-term license to utilize the Atari brand.

Atari said Infinity Networks was founded by a team of entertainment and finance industry veterans and that the company has an advisory board that comprises leading figures in the field of blockchain technology.

Atari plans to develop a decentralized platform that will operate using cryptocurrency, the Atari Token. The network will provide access to a wide range of digital entertainment, from video games to movies and music.

“Blockchain technology is poised to take a very important place in our environment and to transform, if not revolutionize, the current economic ecosystem, especially in the areas of the video game industry and online transactions,” Atari chief executive Frédéric Chesnais said.

“Given our technological strengths with the development studios, and the global reputation of the Atari brand, we have the opportunity to position ourselves attractively in this sector. Our objective is to take strategic positions with a limited cash risk, in order to optimize the assets and the Atari brand.”

Online casino platforms project

Atari is also strengthening its partnership with Pariplay Ltd to broaden the appeal of online casino games. The company develops, licenses and operates real money gaming systems and games in global regulated markets.

This year, Atari plans to build and develop another cryptoasset, Pong Token, that will be used on Pariplay’s casino websites, offering users the ability to make bets while playing Atari games on these gambling websites.

Atari said that details regarding the launch of Pong Token and these crypto-casinos will be announced soon.

This week, the central bank for the Kingdom of Saudi Arabia joined forced with US crypto company Ripple to allow domestic banks to utilize the platform’s enterprise software solution to settle cross-border payments.

The Union Bank of the Philippines (UnionBank), together with four unnamed rural banks, will also employ Visa’s blockchain-based payment platform in order to more efficiently process cross-border transactions.

Western Union is also testing transactions with Ripple. China’s LianLian Pay employs Ripple’s xCurrent solution to process same-day cross-border transactions. UAE Exchange, a leading United Arab Emirates (UAE) global money transfers company, is another business that has adopted Ripple’s blockchain network.

Leading technology company Microsoft has been researching and developing ways to utilize blockchain and other types of distributed ledgers to create innovative and secure decentralized digital identities.

In January, Kodak and blockchain development company WENN Digital signed a licensing partnership to launch an image rights management platform and new virtual currency to support digital photographers.

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