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

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

In a assertion revealed by former video-game large Atari on Monday, the agency says it has, efficient instantly, terminated all license agreements with its three way partnership companion ICICB Group and its subsidiaries. Beforehand, the 2 had collectively created the Atari Chain and the namesake Atari Token (ATRI). Nonetheless, the corporate has had a change of coronary heart relating to the deal, and introduced it was disclaiming curiosity within the three way partnership, stating “ICICB will not be approved to characterize Atari or its manufacturers in any method.”

“Atari disclaims any curiosity within the […] Joint Enterprise, at present promoted as Atari Tokens, and associated web sites, whitepapers and social media channels are unlicensed, unsanctioned and are exterior the management of Atari.”

Transferring ahead, Atari plans to create, distribute and solely handle a brand new proprietary token specializing in gaming, group and utility. However it seems there can be some type of respite for ATRI traders. As advised by Atari, the corporate has taken a “snapshot” of ATRI holdings as of April 18, 2022, at 6:00 pm CET. Atari will then implement a future alternate of a brand new token for the ATRI tokens held as of that point.

“Solely tokens current in wallets as of the snapshot and in quantities equal to these captured on the snapshot can be eligible. Any tokens acquired after the snapshot won’t be eligible,” the corporate stated.

Atari has been an lively participant within the crypto house, with a eager deal with developing nonfungible tokens. On the time of publication, the ATRI “legacy” token is down 9.47% previously 24 hours, reducing its market cap to $26 million.