The CEO of the world’s largest movie exhibition company, AMC Entertainment, says that his company is “on track” to accept four cryptocurrencies by year-end. Dogecoin (DOGE) is expected to be added in the first quarter of next year, and the company is currently looking to take the shiba inu (SHIB) as its currency.
AMC Discusses Its Crypto Plans: Dogecoin, Shiba Inu Included
AMC Entertainment Holdings (NYSE: AMC), aka AMC Theatres, provided an update of its crypto plans during the company’s Q3 earnings call Monday.
AMC is the largest film exhibition company in the United States, Europe and the world. As of March 31, the company owned or operated approximately 950 theaters and 10,500 screens globally.
“We have started accepting cryptocurrency for AMC gift cards and are currently encoding to accept cryptocurrency for online payments on our website and mobile app,” explained AMC CEO Adam. Aron, specifying:
We are on track right now to accept, as we promised, bitcoin, ethereum, litecoin, bitcoin cash and others prior to year-end next month … We believe we can launch dogecoin acceptance in the first quarter of ’22, in a few months.
Before deciding to accept dogecoin, the CEO set up a Twitter poll asking his followers whether they wanted AMC to accept the meme cryptocurrency. The result was “so fascinating” that the company immediately considered accepting DOGE. “We’re in the process of figuring out how to take dogecoin,” Aron confirmed.
As to whether AMC will accept the shiba inu (SHIB), Aron noted that after his company’s initial announcement about accepting cryptocurrencies, “the flood of comments has arrived about the shiba inu.”
The CEO proceeded to set up another Twitter poll. This time, he asked his subscribers if AMC should accept SHIB as a payment method alongside dogecoin and other previously announced cryptocurrencies.
Out of a total of 153,100 votes, 87.6% said “Yes.” Aron described, “A lot of you voted, and a lot of you voted yes,” adding:
We are now looking at how we can take the shiba inu as a currency… This is the next one on our cryptocurrency parade.
Furthermore, Aron noted: “While we will accept cryptocurrency, we will not hold it on our balance sheet, and therefore, will not face increased balance sheet risks.”
The CEO also revealed that AMC is considering launching its own cryptocurrency. In addition, he confirmed that the company is “in conversation with multiple major Hollywood studios about the concept of joint venturing commemorative NFTs [non-fungible tokens] related to major film titles that show in our theaters.”
The CEO of AMC further shared:
There was just a tidal wave of incoming messages for our business and for me personally that we should become much more active in the cryptocurrency arena and that there was a real opportunity for AMC.
