The 80s video game icon Atari well known for their versions of ‘Space Invaders’ and ‘Pac-Man’ are ditching the joystick for the time being while they jump on the cryptocurrency bandwagon.
Shares in the company which is now based in Paris jumped more than 60% when the announcement and further details were released on their foray into the digital currency market. Initial ideas and plans were mentioned in December last year, however, this new bold move was made official on February 8th.
Atari Token will be the name of the newly created digital currency and has emerged due to Atari taking a stake in a blockchain-based digital entertainment platform company, with the creation of this new currency being part of their agreement.
Atari also intends to further develop and expand their partnership with Pariplay Ltd an online casino gaming company one plan is to allow the Atari Tokens to be used for gambling.
Chairman and Chief Executive Officer for Atari, Frederic Chesnais explained about the new venture, “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,” he further added, “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.”
Atari is not the first company to see their stock rise due to the benefits of a cryptocurrency, Eastman Kodak Co. announced last month they were working on a blockchain-based program with a company that promotes and showcases paparazzi photos. The new program would use the blockchain service to pay photographers. After the announcement shares in the company soared by 245% in just two days.
This new move by Atari will hopefully spur some life back into their much anticipated Ataribox console.