Ethereum Co-founder Gets On Board With Atari-Token

Avi Rosten
  • The crypto entrepeneur has been named as honorary co-founder of Atari's blockchain project
  • While not yet specifiying how the Atari-token will be used, the company seems very serious about blockchain

Anthony Di Iorio - co-founder of Ethereum and cryptocurrency wallet Jaxx - has been named as part of the team behind Atari’s new cryptocurrency.

According to the report in Fortune, the leading crypto-entrepenuer has been named as honorary co-founder of Atari’s blockchain project that encompasses the Atari Token and the Atari Platform Network - after he invested his own funds in the network.

In a statement, the crypto veteran explained:

“As someone who grew up in the Atari age, and who understands the importance of how products are designed and developed, it’s extremely encouraging to see teams with vast experience creating systems that are not just user-friendly, but scalable and functional,”

Anthony Di Iorio

While specifics about the new token are not clear, the token is believed to be designed for use with digital gaming platforms, while another token being worked on by the platform - Pong token - will be used for online casinos.

Atari’s plans

Declaring their crypto plans in February, shares in Atari surged more than 60% following their announcement. CEO and Chairman Frederic Chesnais emphasised how the company sees blockchain figuring prominently in their future:

“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.”

Frederic Chesnais

One of the pioneering video-game companies of the 1970s, Atari was responsible for bringing gaming to a mass audience, before the company collapsed catastrophically in the early 80s. Now based in Paris, this latest foray into the Blockchain space by the former giant will no doubt benefit from having such an experienced crypto veteran on board.

In First Four Months of 2020, BlockTower's Crypto Fund Outperforms Both Bitcoin and S&P 500

BlockTower Capital’s cryptocurrency hedge fund has defied this year’s coronavirus-induced mark crash to give investors who held the fund since its inception until this year a total return of 73%.

According to CoinDesk, the fund unexpectedly doubled its returns this year during the coronavirus-induced market crash, that saw most top equity index funds enter bear market territory in March.  The fund was created in August 2017 with $140 million in assets, and gained 33% in the first four months of the year.

In these four months BlockTower’s crypto fund beat BTC, the S&P 500, and hedge funds in and out of the cryptocurrency space. Investors who put their money in at its inception and held on through to last month have gained a 73% return, according to the report.

Its lifetime return have so far outperformed those of the S&P 500, which returned 18% over the last 33 months, but failed to outperform those of the flagship cryptocurrency, which went up 217% since the fund’s inception.

BlockTower did not comment on its return, but a source familiar with the firm said its hedge fund deployed spot, derivatives, ang algorithmic trades “to capture return from extreme movements,” CoinDesk reports.

It traded bitcoin and both liquid and illiquid cryptocurrencies, and switches between holding and liquidating BTC, ETH, four ether competitors, and other cryptos. Its returns surged after it added traditional finance veterans to its team, including a former Goldman Sachs vice president and a Citii accountant and BlueMountain capital hedge fund manager.

Featured image via Pixabay.