Wednesday, October 28, 2020

Video game legend Atari seeks public token sale in November

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Atari will conduct a public token offering on Bitcoin.com in early November. As soon as the offering is complete, the ERC20-based AtariToken will become 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 believed the token sale could take as little as 1 second:

“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 raised $1.5 million thus far in private rounds. Chesnais said that for him, the most important thing about a public offering is not raising additional capital but the immediate subsequent liquidity. He has been negotiating with various DeFi protocols about possible use cases for AtariToken but a lack of liquidity has been an obstacle that he hopes the upcoming sale and subsequent listing will fix. Chesnais believes that AtariToken could create a unique DeFi use case — game financing, which involves the funding of new games in exchange for a portion of its future revenue:

“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 noted that the sale will be compliant with all local regulations and as such, will not be available to U.S. citizens. Atari is a publicly listed company, though the token offering is conducted through a Gibraltar-based entity in which it owns a 50% stake.

The token offering page on Bitcoin.com will launch on Oct. 15 where users will be able to register and initiate Know Your Customer onboarding.