AMC Entertainment CEO Adam Aron says the theater chain is still on track to accept Dogecoin and Shiba Inu as alternative forms of payment for online concessions and ticket purchases during the first quarter of 2022.
“I have been repeatedly asked when AMC expects to routinely accept Dogecoin and Shiba Inu for any and all payments made through AMC’s website and mobile app,” Aron tweeted on Thursday. “I have been told that we are still well on track for the promised first quarter implementation, and that the exact time will probably be in March.”
Aron first teased the possibility of accepting Dogecoin in September and began accepting the meme token for gift card purchases of up to $ 200 per day in October via BitPay. On November 15, Aron tweeted that AMC planned to accept Shiba Inu in 60 to 120 days.
BITCOIN TAKES TO REACH THE $ 42K LEVEL
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 forms of payment.
|PYPL||PAYPAL HOLDINGS INC.||192.27||+5.11||+ 2.73%|
Aron has also teased that AMC is exploring the feasibility of creating its own cryptocurrency.
Bitcoin, the world’s largest cryptocurrency, is trading at $ 43,000 per coin, while Ethereum, Litecoin, Bitcoin Cash, and Dogecoin and Shiba Inu are trading around $ 3,400, $ 137, $ 400, 16 cents, and 3 cents per coin. respectively.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
The acceptance of cryptocurrencies is just one area that AMC is focusing on after seeing liquidity improvements in the sale of stocks, the reopening of its cinemas during the COVID-19 pandemic and a boost from the meme-led frenzy. by retail investors last year.
Other actions AMC is taking include alternative programming such as live sporting events, acquiring new theater leases, a $ 25 million ad campaign nationwide and a planned expansion in the popcorn retail business.
Aron said earlier this week that AMC’s goal for 2022 is to strengthen its balance sheet and that the company will potentially roll over some of its debt to lower its interest expenses, delay some debt maturities and loosen covenants.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||22.46||-0.29||-1.27%|
However, momentum in its stocks has slowed, with stocks falling roughly 54% in the past six months.