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

Must read

Pending Home Sales Improve In January As More Buyers Return

More demand from buyers and less supply from homeowners is holding prices steady. getty The housing market is showing early signs of recovery with...

Biden-⁠Harris Administration Announces New Actions To Protect Renters And Promote Rental Affordability

The Federal Trade Commission has issued a request for information exploring unfair practices in the ... rental market. getty The Biden-Harris administration announced...

A 5-Minute Fix for People Who Sit All Day

A growing body of research tells us that sitting for too long is bad for our health. It has been linked to obesity,...

8 Topics to Tackle If You Want to Survive Retirement With Your Spouse

wavebreakmedia / Shutterstock.com This story originally appeared on NewRetirement. Before you got married, you probably discussed where you wanted to live, whether or...

The company appears to have abruptly terminated the ATRI token partnership, but indicated that it still sees a bright future for blockchain related ventures within the company.

1707 Total views

38 Total shares

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

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 had 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.

More articles

Latest article

Pending Home Sales Improve In January As More Buyers Return

More demand from buyers and less supply from homeowners is holding prices steady. getty The housing market is showing early signs of recovery with...

Biden-⁠Harris Administration Announces New Actions To Protect Renters And Promote Rental Affordability

The Federal Trade Commission has issued a request for information exploring unfair practices in the ... rental market. getty The Biden-Harris administration announced...

A 5-Minute Fix for People Who Sit All Day

A growing body of research tells us that sitting for too long is bad for our health. It has been linked to obesity,...

8 Topics to Tackle If You Want to Survive Retirement With Your Spouse

wavebreakmedia / Shutterstock.com This story originally appeared on NewRetirement. Before you got married, you probably discussed where you wanted to live, whether or...

How to Overcome the 8 Biggest Challenges of Remote Work

Arts Illustrated Studios / Shutterstock.com Editor's Note: This story originally appeared on FlexJobs.com.Are you ready to dip your toes into the world of...