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

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In a assertion revealed by former video-game big Atari on Monday, the agency says it has, efficient instantly, terminated all license agreements with its three way partnership accomplice 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 concerning the deal, and introduced it was disclaiming curiosity within the three way partnership, stating “ICICB will not be licensed to symbolize Atari or its manufacturers in any method.”

“Atari disclaims any curiosity within the […] Joint Enterprise, presently 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. Nevertheless it seems there might 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 trade 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 might be eligible. Any tokens acquired after the snapshot is not going to be eligible,” the corporate stated.

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