Atari claims its namesake token is now ‘unlicensed’ as it terminates blockchain joint venture

Cryptocurrency

In a statement published by former video-game giant Atari on Monday, the firm says it has, effective immediately, terminated all license agreements with its joint venture partner ICICB Group and its subsidiaries. Previously, the two jointly created the Atari Chain and the namesake Atari Token (ATRI). However, the company has had a change of heart regarding the deal, and announced it was disclaiming interest in the joint venture, stating “ICICB is not authorized to represent Atari or its brands in any manner.”

“Atari disclaims any interest in the […] Joint Venture, currently promoted as Atari Tokens, and related websites, whitepapers, and social media channels are unlicensed, unsanctioned, and are outside the control of Atari.”

Moving forward, Atari plans to create, distribute, and solely manage a new proprietary token focusing on gaming, community, and utility. But it appears there will be some form of respite for ATRI investors. As told by Atari, the company has taken a “snapshot” of ATRI holdings as of April 18, 2022, at 6:00 pm CET. Atari will then implement a future exchange of a new token for the ATRI tokens held as of that time.

“Only tokens present in wallets as of the snapshot and in amounts equivalent to those captured at the snapshot will be eligible. Any tokens acquired after the snapshot will not be eligible,” the company said.

Atari has been an active player in the crypto space, with a keen focus on developing nonfungible tokens. At the time of publication, the ATRI “legacy” token is down 9.47% in the past 24 hours, lowering its market cap to $26 million.

Articles You May Like

Analyst Predicts Ethereum Spot ETFs To Attract 25% Of BTC Demand – Here’s Why
Ethereum Spot ETFs: Report Shows Grayscale Could Keep ETH Price Down With $110M Daily Outflows
Ethereum Price Consolidates: Here Are The Next Key Levels To Watch
Did MicroStrategy Mess Up By Choosing Bitcoin Over Ethereum? Analyst Weighs In
When Spot Ethereum ETFs Go Live ‘Expect A Bloodbath’, Says Expert