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Atari initiated two different funding rounds for the Atari token earlier and has currently launched the third one which will end before the public offering begins.
France-based game developer with interests in blockchain gaming Atari SA (EPA: ATA) has revealed plans to debut its ERC-20 token dubbed Atari Token (ATRI) in an Initial Coin Offering, the token will be on sale for November. Per a report from Coindesk, Atari Token is built on the Ethereum blockchain and has been under development since 2018.
With popular games such as Pac Man, Mario Bros under its belt, Atari aims to use its tokens to reinvent the future of gaming with numerous use cases including its use in Crypto casinos, “blockchain games” and the game developer Atari’s owned distribution platform Ultra.io. The public offering will be conducted on the Bitcoin.com platform in early November and following the completion of the ICO, the tokens will be available for trading on the Bitcoin.com exchange.
While the precise details of the token sale are yet to be announced, Atari CEO Fred Chesnais told Cointelegraph that he believes the token sale could take as little as one second. In his words, the CEO said:
“It depends. It could be 1 second, could be 1 hour. It depends on the amount you set as a hard cap and how much you are raising. So I don’t know. I can’t really answer that question.”
Atari has initiated about two different funding rounds for the Atari token and has currently launched the third funding round which will end before the public offering begins. The company said in a statement that the “public sale and the listing constitute a very important milestone for the Atari blockchain project, providing liquidity to the token holders, and paving the way for future collaborations and the development of the Atari blockchain eco-system.”
Atari Token (ATRI) to Seek Functional Game Financing Use Cases
According to Chesnais, the launch of Atari Tokens are expected to usher in increased liquidity that will pave the way for more use cases bordering on game financing.
Game financing involves pumping funds into a new game, perhaps yet to be launched in order to take profit at a later date when the game’s integration and adoption have steered toward profitability.
“We want to announce that we are going to be listed because I have done more than 3 billion euro of investments in games and game financing. And when I know that the token is listed, I will be able to propose some very innovative formulas for game financing. That’s one of my goals,” he said.
According to the company, the public sale will be implemented by Atari Chain, Ltd (“Atari Chain”), a subsidiary of Atari SA, held in parity with the ICICB Group and based in Gibraltar. The Atari Group is entitled to 35% of the revenue derived from the sales of the Atari Token while the ICICB Group will cart away with the rest. In the earlier presales of the Atari Tokens, approximately $1.5 million worth of the tokens have been sold at a market value of $0.08 each.