Atari stock jumps 52% on plans for nostalgia-backed cryptocurrencies
The venerable Atari 2600. (credit: Association WDA)
Atari SA-the shambling corpse holding company that shares a name with the company that made Pong and the Atari 2600 decades ago-has seen its stock price soar after lending its brand to a couple of ill-defined cryptocurrency efforts.
The French holding company announced last week that it had traded use of its name for a 15 percent stake in Gibraltar-based Infinity Networks, which will create a cryptocurrency-based "Atari Token" platform that could be used to pay for various kinds of "digital entertainment." Atari is also planning to extend its existing partnership with online casino maker Pariplay to create a separate "Pong Token" that will be accepted in "crypto-casinos."
"Given our technological strengths with the development studios, and the global reputation of the Atari brand, we have the opportunity to position ourselves attractively in this sector," Atari Chairman and Chief Executive Officer Frederic Chesnais said in a statement.
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