Legendary video game company Atari, best known for games such as Pong and Pac-Man, is investing in cryptocurrency, Bloomberg Technology reports. And it's working well for the game company.
According to Bloomberg, Atari's stock jumped more than 60-percent after the company announced its crypto initiatives on February 8th. The company has plans to produce its own cryptocurrency called "Atari Coins," though it's unclear as of right now how they'll be used. To make this happen, Atari is taking stake an unnamed company "building a blockchain-based digital entertainment platform."
"Blockchain technology is poised to take a very important place in our environment and to transform, if not revolutionize, the current economic ecosystem, especially in the areas of the video game industry and online transactions,” Atari chairman and CEO Frederic Chesnais said. “Our aim is to take strategic positions with a limited cash risk, in order to best create value with the assets and the Atari brand.”
As Bloomberg points out, Atari isn't the only company benefiting from the crypto boom. Two days after announcing it would partner with a blockchain company, Eastman Kodak Co.'s stock jumped 245-percent.