Atari, the gaming giant, will conduct a public token offering on Bitcoin.com in early November. As soon as the offering is complete, the ERC-20-based Atari Token will become available for trading on the Bitcoin.com exchange.
It has been reported that while the precise details of the token sale are yet to be announced, Fred Chesnais, the CEO of Atari, said that he believes the token sale could take as little as one 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.”
However, 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, as he has been negotiating with various DeFi protocols about possible use-cases for Atari Token, but a lack of liquidity has been an obstacle that he hopes the upcoming sale and subsequent listing will fix.
Atari Announces IEO Collaboration and Listing of the Atari Token with https://t.co/5et2uvdw9l Exchange | Press release Bitcoin News — Looking to it!! @atari https://t.co/xtXGyjexER — Atari Token (@ataritoken) October 2, 2020
Chesnais believes that Atari Token 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.”
Likewise, he noted that the sale will be compliant with all local regulations and, as such, will not be available to US 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.
Thus, the token offering page on Bitcoin.com will launch on October 15, where users will be able to register and initiate Know Your Customer (KYC) onboarding.