Beginning next month, customers at AMC Theatres will be able to pay using meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) through crypto payment provider BitPay.
AMC Chief Executive Officer Adam Aron encouraged Bitpay, AMC Theatres’ blockchain payment technology, to promote Shiba Inu, which has earned worldwide recognition in recent weeks. AMC’s shares rose little more than 5% Tuesday but were down slightly more than a quarter year to date.
AMC Theatres is the world’s biggest movie exhibition corporation, with over 1,000 theatres and over 11,000 screens serving over 350 million people annually. AMC runs approximately 660 theatres with 8,200 screens in the United States, serving a total of 265 million patrons.
Aron questioned the Twitter community to determine if the theatre industry should accept Dogecoin as payment for tickets.
Almost 82 percent of votes cast by a total of 153,100 participants chose a platform that accepted meme currencies.
AMC’s collaboration with Bitpay will enable the firm to offer three other cryptocurrencies in addition to Shiba Inu: Bitcoin Cash, Litecoin, and Ethereum. The company’s future move has sparked much debate and interest within the Crypto Twitter community.
Due to AMC’s pioneering role in crypto acceptance and its present acceptance of Dogecoin as payment for gift cards through a collaboration with Bitpay, full support for Dogecoin and Shiba Inu payments is not far off, since it is the “people’s crypto.”
With favourable news about Dogecoin and Shiba Inu’s new potential, Dogecoin began the day strong at $0.1332, up 7.75 percent; it traded between $0.1340 and $0.1315, with a market value of $17 billion
SHIB is presently trading at $0.00002618, an increase of 8.87 percent from yesterday’s close. The memecoin has a market value of around $14 billion, with a low of $0.00002361 and a high of $0.00002644.
The two memecoins have faced several obstacles throughout their time in the cryptocurrency market. Nonetheless, AMC Theatres’ adoption of Bitpay will result in optimistic trends for Shiba Inu and Dogecoin.
Last November, AMC Theatres started accepting payment in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Additionally, the organisation said that it would consider hiring Shiba Inu. “Bitpay will be available for AMC online payments on our website by March 19, and on our mobile applications by April 16, potentially a few days before,” Aron tweeted on Monday.
The new payment method looks to be popular with moviegoers, accounting for 14% of the company’s total online transactions.
Meanwhile, Aron has fully embraced AMC’s cryptocurrency backing, assuring investors that the company is now working on building its own coin.
AMC also declared ambitions to join the realm of non-fungible tokens at a recent meeting, stating that it is in discussions with Hollywood studios to produce NFTs connected to important films.
Also Read: The US Warns Against Exchanges That Facilitate Russian Transactions Amid Crackdown
Wallets