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Gaming company Atari declares investment in crypto, share price spikes

According to the Bloomberg’s report, Thursday, Feb. 15, atari SA, a French holding company that contains the former Atari, Inc., the publisher of video games, has seen its share price go up more than 60% after announcing that it would invest in cryptocurrency.

Atari will be making its own digital currency, the Atari Token, to be used in a Blockchain-based digital entertainment platform created by Infinity Networks, Ltd., in which Atari bought a 17,5% stake, according to Atari’s press release earlier this month.

Additionally, the company will develop its partnership with Pariplay Ltd., an online casino-gaming company. The casino sites will offer Atari games where players can play with cryptocurrencies, including Atari’s second projected cryptocurrency, the Pong Token, which will be dedicated to crypto casinos.

Frederic Chesnais, Atari Chairman and Chief Executive Officer, said in a press release,

“Blockchains technology is poised to take a very important place in our environment and to transform, if not revolutionize, the current economic ecosystem, especially in the areas of the video game industry and online transactions […] Our objective is to take strategic positions with a limited cash risk, in order to optimize the assets and the Atari brand.”

Some companies, that previously had nothing to do with the crypto world have seen profits in publically aligning themselves with Blockchain and cryptocurrency, even if it is just in name alone.

After the Long Island Iced Tea Corp changed its name to Long Blockchain and promised to move into the crypto mining business, its stock saw a 458% trading range profit. The SEC has recently suggested that firms that add the word “Blockchain” to their name could face increased study from regulators.