Atari terminates blockchain joint venture with ICICB Group

Atari announced that all license agreements with the ICICB Group have been terminated and claimed that the namesake 'Atari' token is now unlicensed

By Shashank Bhardwaj

Image: Shutterstock

In a statement released on April 18, Atari SA, a well-known consumer brand and interactive entertainment producer, announced the termination of its partnership with the ICICB Group and its subsidiaries with immediate effect. The license agreements that have been terminated include the joint venture between Atari and ICICB—Atari Chain Limited License and other related licenses.

Atari had previously created the Atari Chian and the namesake ‘ Atari’ token (ATRI) in partnership with the ICICB Group. The company turned around its decision regarding the deal and announced it was no longer a part of the joint venture. It informed the public that the joint venture ‘Atari Tokens’ and its related websites, including www.atarichain.com, www.ataritoken.com, whitepapers, and other social media channels, were no longer licensed and sanctioned.

All the websites, documents, and media channels are outside the purview of Atari. It also warned people to refrain from using these for guidance and information related to the Atari token. And conversely, ‘ICICB is not authorised to represent Atari or its brands in any manner.’

Notwithstanding the termination of the partnership, Atari is enthusiastic about the future of blockchain-related initiatives. It will continue to enter into strategic partnerships and pursue viable ventures in the space. In this regard, Atari is planning to create, distribute, and manage a new proprietary token. The token will have its focus on gaming, utility, and community.

At exactly 6:00 PM CET [9:30 PM, IST], on April 18, 2022, a snapshot of the holdings of the ATRI token was taken. Atari will hold a future exchange of the soon-to-be-launched token for the ATRI token holders at the time of the snapshot. The ATRI token holders will have to present their ATRI tokens to participate in the exchange.

Only the value of tokens present in the wallets and in amounts equivalent to those captured at the time of the snapshot will be eligible for the exchange. Any token acquired post the snapshot will not be eligible. To keep the holders in the loop, Atari will lead the token holders to the information channels when information regarding the same is announced. The ATRI token was down by 21.5 percent, and its market cap stands at $20.35 million at the time of writing.

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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