Atari's Stock Is Up Nearly 50% Since Cryptocurrency Token Announcement

In the arcades of the future will we be forced to mine data in order to play Frogger?

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In the world of gaming, there are few names that bring up more mixed emotions than Atari. Once the pioneers of home console gaming, the name has now become synonymous with speaker hats and Kickstarters to get their microtransaction-based mobile games onto Switch. Even their recently revealed new console failed to make waves. Despite all that, Atari may have found a new pivot point as their stock is up nearly 50% since announcing their new cryptocurrency, Atari Token

Infinity Networks is the company that will be responsible for actually creating the cryptocurrency. They gave Atari a 15% stake in their company in order to acquire the rights to use the famous name and logo for their product. According to Arstechnica, it's speculated that Atari Tokens will be used for the purchase of various forms of digital entertainment, which is a rather broad range of products at this point. Atari will also be leveraging their existing partnership with Pairplay to make a "Pong  Coin" that will be used exclusively for "crypto-casinos."

Atari Chairman and Chief Executive Officer Frederic Chesnais stated: "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."

Even though the actual details on what can be expected from the Atari Token are extremely vague, the fact that cryptocurrency is a major trend was enough to send Atari shares skyrocketing. However,  their stock was down 8% today, and it still remains to be seen if this is the opportunity the Atari brand has been waiting for to get out of their long-standing rut. Check out the chart below for a visual representation of how the stock has fluctuated. 

    

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Blake has been writing and making videos about pop-culture and games for over 10 years now. Although he'd probably prefer you thought of him as a musician and listened to his band, www.cartoonviolencemusic.com. If you see him on the street, buy him a taco or something. Follow him on twitter @ProfRobot

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