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Atari claims its namesake token is now “unlicensed” as it exits the blockchain joint venture

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In a statement released on Monday by former video game giant Atari, the company says it has terminated all licensing agreements with its joint venture partner ICICB Group and its subsidiaries, effective immediately. Previously, the two had jointly created the Atari Chain and namesake Atari Token (ATRI). However, the company has changed its mind about the deal, announcing that it denies its interest in the joint venture, stating “ICICB has no authority to represent Atari or its brands in any way.”

“Atari disclaims any interest in the […] Joint Venture currently promoted as Atari Token and related websites, whitepapers and social media channels are unlicensed, unsanctioned and outside of Atari’s control.”

Going forward, Atari plans to create, distribute and exclusively manage a new proprietary token focused on gaming, community and utility. But it appears there will be some kind of respite for ATRI investors. As announced by Atari, on April 18, 2022 at 18:00 CET, the company took a “snapshot” of ATRI’s holdings. Atari will then conduct a future exchange of a new token for the ATRI tokens held at that time.

“Only tokens present in wallets at the time of the snapshot and in amounts equal to those captured at the snapshot are allowed. Any tokens acquired after the snapshot are not allowed,” the company said.

Atari has been an active player in the crypto space, with a strong focus on developing non-fungible tokens. At the time of publication, ATRI “Legacy” token is down 9.47% over the past 24 hours, bringing its market cap down to $26 million.