Atari Token Tanks as a video game developer distances itself from cryptocurrency

Alex Dovbnya

Atari and its subsidiaries severed ties with the ICICB group, sending the token much lower

The price of the Ethereum-powered Atari token (ATRI) has plunged more than 30% in the past 24 hours, according to data provided by CoinGecko. The token is down 98.4% from its all-time high.

ATR
Image by coincko.com

The big drop came after Atari, one of the gaming industry’s most iconic brands, distanced itself from the cryptocurrency project by announcing the termination of all licensing agreements with the ICICB Group and its affiliates. affiliates in a blog post on Monday.

The ICICB Group has partnered with the legendary game developer to launch the Atari Chain subsidiary and jointly launch the ATRI token.

The cryptocurrency was meant to become the go-to token for the entertainment industry. The company also launched the Atari decentralized exchange, allowing users to trade ATRI, ETH, and FTM tokens.

Last February, Atari announced a strategic partnership with Polygon, a popular Layer 2 solution built on top of Ethereum.

Due to the termination of the license, ICICB Group is no longer able to use the Atari Marks “in any manner”. The company has warned that the website, whitepapers, and social media channels associated with the tokens are not authorized or authorized.

Despite severing ties with the ICICB group, Atari says it remains passionate about crypto and blockchain, which is why it decided to distribute a new proprietary token for existing ATRI holders.

Atari, which dominated the gaming market in the 1970s and early 1980s, tried to supercharge its brand with cryptos, non-fungible tokens, and other ventures in an effort to become a futuristic blockchain company. Last year, Atari unveiled a cryptocurrency casino centered around its games.