Gaming company Atari has announced that it is no longer affiliated with the company’s altcoin project, the Atari Token. In a surprise news release on April 18, Atari announced that it is ending a wide-ranging partnership with the ICICB Group. After that, altcoin prices plummeted.
Atari exits market
Both companies have teamed up to launch the cryptocurrency and Atari-branded hotels around the world. First announced in 2020, these hotels have pledged to accept ATRI cryptocurrency as a payment method – the gaming brand is set to receive 5 percent of all proceeds from the business venture. Each venue was said to offer an immersive video game theme, and while it’s unclear why the deal failed, the coronavirus pandemic has likely affected plans to build flashy accommodations around the world.
In a message to investors, Atari warns that ICICB is “not authorized to represent Atari or its brands in any way” – on the token’s official website, white papers, and social media. Any mention of his company — including its channels — was said to be “unlicensed, unapproved, and beyond Atari’s control.”
Atari’s altcoin project slumped
CoinMarketCap data at the time of writing shows the altcoin value dropped 30 percent in nine hours. Atari insists that it is “enthusiastic about the potential of blockchain startups and continues to build and maintain strategic initiatives and partnerships in the space.” To unify existing token holders, the company announced that it plans to “create, distribute and simply manage a new proprietary token focused on gaming, community and utility.” The token fell from $0.18 to $0.11. A snapshot of everyone holding
ATRI was taken Monday afternoon and the new token swap will take place at a later date. As we reported on Kriptokoin.com, Atari announced in February 2022 that it had terminated its hotel and casino licenses with ICICB Group, causing a financial impact of approximately 12 million dollars.
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