Adam Aron, CEO of AMC Entertainment, says the cinema chain is still on track to accept Dogecoin and Shiba Inu as alternative means of payment for online concessions and ticket purchases in the first quarter of 2022.
“I’ve been asked repeatedly when AMC expects to routinely accept Dogecoin and Shiba Inu for all payments made through the AMC website and mobile app,” Aron tweeted Thursday. “I have been told that we are still well on track for the promised Q1 implementation, with the exact time most likely in March.”
Aron first teased the ability to accept Dogecoin in September and started accepting the meme token for gift card purchases of up to $ 200 per day through BitPay in October. November 15th, Aron tweeted that AMC planned to accept Shiba Inu in 60 to 120 days.
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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.
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Aron has also teased that AMC is researching the feasibility of creating its own cryptocurrency.
Bitcoin, the largest cryptocurrency in the world, trades at $ 43,000 per coin, while Ethereum, Litecoin, Bitcoin Cash, and Dogecoin and Shiba Inu trade around $ 3,400, $ 137, $ 400, 16 cents and 3 cents per coin, respectively.
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Cryptocurrency adoption is just one area AMC is focusing on after seeing liquidity improvements from stock sales, the reopening of its cinemas during the COVID-19 pandemic, and a boost from the retail investor-led meme stock craze last year.
Other measures taken by AMC include alternative programming such as live sporting events, purchasing new theater rentals, among others nationwide, $ 25 million advertising campaign and a planned expansion into 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 may refinance some of its debt to reduce its interest expense, postpone some debt maturities, and relax covenants.
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The stock’s momentum has slowed, however, with stocks falling about 54% over the past six months.