Cryptocurrency is one of those odd new areas of economics that nobody really seems to know for sure what to think of. Some are supportive of the concept as a way to revolutionize and virtualize currencies for a global economy, while others are skeptical of the potential for this and worried that it presents too many security risks. Apparently though, Atari is on the supportive side.
So supportive is Atari that they’ve launched a cryptocurrency of their own. Instead of Bitcoin, this cryptocurrency is being called an, “Atari Token” likely as a reference to video games’ roots in token-based arcade machines just prior to coming to home consoles like the Atari. If this seems a little weird to you coming from a video game company that was in its prime in the late seventies and filed for bankruptcy in 2013, that’s because it is. You’re not alone there.
Apparently this was a really good move though, because their stock has risen significantly as a result of the odd business decision. Helping Atari in developing this company-boosting cryptocurrency is Infinity Networks, Ltd. which the classic game makers now have a 15% stake in. If you still need some help understanding why this was a smart decision, perhaps hearing it in the words of the company’s official statement will give you a better idea:
“Blockchain 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. Given our technological strengths with the development studios, and the global reputation of the Atari brand, we have the opportunity to position ourselves attractively in this sector. Our objective is to take strategic positions with limited cash risk, in order to optimize the assets and the Atari brand.”
In other words, low cost + low risk + potentially high reward = a winning formula for Atari investments.
In a world where Atari of all companies is taking a page out of Nintendo’s handbook by releasing their first console in over 20 years (the Ataribox) in order to cash in on the market created by the NES and SNES rerelease consoles, who knows? Maybe other video game developer will take Atari’s lead and create their own cryptocurrencies in the future.