AMC on track to accept Dogecoin and Shiba Inu crypto payments in 2022

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AMC CEO Adam Aron reacts to the mad rush for tickets to the new movie “Spider-Man: No Way Home” and the exclusive NFTs.

AMC Entertainment CEO Adam Aron said the movie theater chain remains on track to accept Dogecoin and Shiba Inu as alternative payment methods for online concessions and ticket purchases during the first quarter of 2022.

“I’ve been asked several times when AMC plans to systematically accept Dogecoin and Shiba Inu for all payments made through AMC’s website and mobile app,” Aron tweeted Thursday. “I’m told we’re still on track for the promised first quarter implementation, with an exact timeline most likely in March.”

Aron first discussed the possibility of accepting Dogecoin in September and began accepting the meme token for gift card purchases up to $ 200 per day in October through BitPay. On November 15, Aron tweeted that AMC planned to accept Shiba Inu in 60 to 120 days.

BITCOIN TAKES A BATTLE AT THE LEVEL OF $ 42K

The update on Dogecoin and Shiba Inu comes as AMC has already started accepting Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Apple Pay, Google Pay, and PayPal as alternative payment methods.

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Aron also teased that AMC was exploring the possibility of creating its own cryptocurrency.

Bitcoin, the world’s largest cryptocurrency, trades at $ 43,000 per coin, while Ethereum, Litecoin, Bitcoin Cash and Dogecoin and Shiba Inu trade at around $ 3,400, $ 137, $ 400, respectively 16 cents and 3 cents per coin.

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Acceptance of cryptocurrencies is just one area AMC is focusing on after seeing improvements in liquidity thanks to sales of shares, reopening of its theaters during the COVID-19 pandemic and a boost to the retail investor-led meme action frenzy of the past year.

Other steps AMC is taking include alternative programming, such as live sporting events, the acquisition of new theater leases, a $ 25 million nationwide advertising campaign, and a planned expansion in the popcorn business in Canada. detail.

Aron said earlier this week that AMC’s goal for 2022 is to strengthen its balance sheet and that the company will potentially refinance some of its debt to reduce interest expense, delay some debt maturities and relax covenants.

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However, its stock momentum has slowed, with stocks falling about 54% in the past six months.

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