Atari is venturing into a new business of cryptocurrencies with Atari Token. The company has partnered with a brand Infinity Network, which is the creator of blockchain based Atari Token. The company is also planning to create a new digital entertainment platform using the same. It looks like the crypto has already started to pay off, as the latest Bloomberg report suggests that, the stock of the company has already spiked up to 60%.
Atari is mainly known for arcade games and video games, but the name has been also associated with movies and music as well.
Infinity Network has signed up for a long-term contract to use the name Atari. In exchange for this, the French company gets a minority stake in this new entity.
The company is creating a new digital platform, which will help the customers to make transactions using Atari Token. The company will continue its partnership with Pairplay to create a “Pong Coin” based on Atari Token exclusively for “crypto casinos”.
What is Cryptocurrency or Atari Token?
Every US dollar or an Indian rupee printed has to be directly proportional to the gold that country has, the value fluctuates with the actual gold value. However, the cryptocurrency is a digital asset, which works independently. Cryptocurrency value depends on people, if people think it has a value, then the price goes higher or vice versa. Hence there are no entities that actually controls these currencies.
The creator of the cryptocurrency can limit the number of tokens or coins. It all depends on the demand. The recent rise and fall of the Bitcoin explain this phenomenon in the simplest way. If more people buy, the prices go up or vice versa.