Atari is Getting into the Cryptocurrency Market
Do you remember the days when your biggest worry was having enough quarters in your pocket to play your favorite upright or tabletop arcade machine down at the local arcade? The world is undoubtedly a more complicated place now, but the latest news from Atari takes this to a whole new level – it is getting involved in blockchain technology and is launching its own cryptocurrency.
This, of course, is very different to the classic arcade games and home gaming consoles that Atari is famous for. According to Atari’s chairman and CEO, however, blockchain technology is about to revolutionize the video game industry.
On that basis, Atari is attempting to get ahead of the curve. If investor sentiment is anything to go by, the company could be onto something.
What is Atari Doing?
Atari first announced its intentions to move into the cryptocurrency market back in December 2017. That announcement was short on details, however. That all changed this week when the brand's parent company, Paris-based Atari SA, fleshed out details of the plan. It released those details on February 8th.
A week later, shares in Atari were up 60 percent. One thing to point out is this reaction is not unusual for companies that announce plans to get more involved in blockchain and cryptocurrencies. A 60 percent increase in share price is still significant, though.
So, what is Atari doing? In summary, it is doing two main things:
• It has invested in a company building a digital entertainment platform. The thing that makes this platform unique is that it uses blockchain technology.
• Atari is also creating its own digital currency. It will be known as the Atari Token.
According to Atari, it is embarking on these strategies because they involve minimal cash risk but will allow the company to benefit from what it thinks will be a major increase in the use of digital currencies and blockchain technology in terms of online transactions.
This latest move by Atari is fascinating and it will be interesting to see how it plays out. However, if you prefer the simple joy of playing a great arcade game on a classic arcade machine, you should check out our range. Instead of blockchain technology, it’s Space Invaders, Donkey Kong, Pac-Man, and more. We know which we’d prefer.