AMC adds Ether and Litecoin to crypto adoption plans. The American cinema chain AMC Theaters will also introduce Ethereum, Litecoin and Bitcoin Cash as a ticket payment method by the end of 2021, in addition to Bitcoin. The CEO of the company Adam Aron announced this.
“You are probably aware that AMC will start accepting bitcoin as a ticket payment before the end of 2021. I want to confirm these plans and inform you that such an option will also be available to holders of Ethereum, Litecoin and Bitcoin Cash,” Aron said.
Recall that the CEO of the company promised to add a similar opportunity in August. This happened at a press conference with investors after the publication of reports for the second quarter.
Sales amid the coronavirus pandemic
According to the company, the goal of the initiative is to improve sales in the context of the coronavirus pandemic.
In January 2021, the chain, which owns 593 cinemas in the United States and 335 abroad, raised $917 million to avoid bankruptcy.
AMC noted losses of $344 million from March to June 2021. The figure exceeded the expectations of Wall Street analysts of $440 million.
Later that month, retail investors from the r/Wallstreetbets group on Reddit supported the AMC multi-cinema chain. Since the beginning of the year, the company’s shares have risen more than 23 times – from $2 to $46.84.
Major Cineplex Group
Recall that in March, the largest cinema chain in Thailand, Major Cineplex Group, began accepting Bitcoin to pay for tickets. The management of cinemas explained their initiative by the desire to support innovative payment methods.
The project was implemented with the participation of the local cryptocurrency exchange Sape and the payment company Rapid. To use the service, the user needs to download a Rapid mobile wallet. After that, scan the QR code in the ticket vending machine and send the bitcoins to the specified address.