Atari Ends Joint Venture With ICICB: Declares Its Namesake Token 'unlicensed'

Atari has announced that it has denounced all license agreements with ICICB Groups, its joint venture partner, and its subsidiaries on Monday.

In the future, Atari intends to create, distribute and manage a new proprietary token with community, gaming, and utility as its main focus.

In another statement, as of April 18, 2022, at 6:00 pm CET, Atari claims that it has taken a snapshot of ATRI holdings. Later, there will be a future exchange of a new token for the tokens held at that time.

On Monday, Atari, a former video-game giant, declared that it had ended all license agreements with ICICB Groups and its subsidiaries. ICICB used to be its joint venture partner.

The two firm partners built the Atari Chain and Atari Token (ATRI) earlier together. But due to reasons unknown, the company decided to break the tie. It disavowed its interest in the joint venture, declaring, “ICICB is not authorized to represent Atari or its brands in any manner.”

Further announcing, the firm said that from now on, Atari is disclaiming its interest in the joint venture, currently called Atari Tokens, declaring that Atari no longer controls the websites, social media accounts, and whitepapers related to the joint venture.

Atari’s future plans include creating, distributing, and managing a new proprietary token that focuses on community, gaming, and utility. However, it seems to be a break for ATRI investors.

As per the statement of Atari, the firm has taken a snapshot of ATRI holdings as of April 18, 2022, at 6:00 pm CET. Afterward, for the Atari tokens held at that time, Atari will have a future exchange of a new token.

The company further explained that at the time of snapshots, the tokens present in wallets and the equivalent amount would be considered eligible. In contrast, the tokens collected after the snapshots are not eligible.

In the past, Atari has proved itself as a leading firm in the crypto space, with its priority set to generating NFTs or non-fungible tokens.

Based on the Ethereum (ETH) blockchain, the Atari token is a decentralized crypto asset. Atari Chain Ltd, a Subsidiary of the video game and consumer electronics firm Atari Interactive, designed it particularly to fulfill the need of the interactive entertainment industry.

At the time of writing, Atari Token was exchanging hands at $0.011119, down by 39.30% in the past 24 hours.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing