Video game manufacturer Atari Group recently announced that it is planning to add a crypto casino to its list of existing casino products. The company is also planning to conduct an ICO- Initial Coin Offering.

Crypto ambitions take flight

Atari Group was is an NYSE Euronext Paris listed company that started in 1972. It is currently owned by French company Atari SA and has a market capitalization of less than $50 million. The firm has been planning to leverage the crypto markets since 2018 but has been unable to capitalize on its opportunities to date.

Back in 2018, Atari Group signed a partnership with Infinity Networks Ltd to develop a blockchain project including a cryptocurrency- Atari Token. It would constitute a decentralized platform that will feature different types of digital entertainment, from films and music to video games. The project could not see the light of the day and was ultimately terminated.

Atari will now work on the same project with ICICB Group. It is planning to host an ICO for its token sales this month while private sales will go on till September 2020. As soon as the private sales finish, a public sale will be announced. Atari will keep 35% of the proceeds from the token sale and will ensure liquidity for the digital asset by listing it on popular crypto trading platforms.

What else is firm planning?

Atari Token will be used in an online crypto casino developed by the company, which will be launched this year after public sales begin. ICICB has a non-exclusive license to run this casino and will feature several titles like Centipede, Asteroids, Missile Command and Rollercoaster Tycoon amongst others. They will split the revenue equally.

But Atari Token is not the only coin that Atari Group is planning. It is also planning to launch a new project called Pong Token, named after one of the first most popular games at the company. The token will be used within local applications in Kenya, where the company holds an operator’s license.

The company recently increased its capital by offering new preferential shares, bringing in $3.6 million. It wrote in a press release,

“This capital increase is part of the growth strategy of the Group and its objective is to finance the launch of new games and at the same time it will allow to strengthen the marketing budget allocated to the Atari VCS.”

The ICO is awaited this month.