The CEO of the world’s largest movie exhibition company, AMC Entertainment, says that payment service provider Bitpay has agreed to support the meme cryptocurrency shiba inu (SHIB) at his request. AMC will be able to accept the crypto shiba inu for payments in the coming months.
AMC Says Bitpay Agrees to Support Shiba Inu: SHIB to Be Accepted for Payments at AMC Soon
AMC CEO Adam Aron announced Monday evening that AMC will soon be able to accept the meme cryptocurrency shiba inu (SHIB). 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 worldwide.
He tweeted that crypto payment service provider Bitpay has decided to support shiba inu specifically because he asked them to. Therefore, AMC will be able to use SHIB for online payments of movie tickets and concessions within approximately 60 to 120 days. Aron added that AMC Theaters is set to become the first Bitpay customer to accept shiba inu.
The AMC CEO previously said that his company has been trying to find a way to accept SHIB ever since he set up a Twitter poll on Oct. 29 asking his followers whether AMC should accept shiba inu alongside dogecoin (DOGE) and other cryptocurrencies. Out of a total of 153,100 votes, 87.6% said “Yes.”
Last week, Aron tweeted, “As promised, lots of new ways to pay online at AMC. We proudly now accept: drumroll, please … bitcoin, ethereum, bitcoin cash, litecoin. Also Apple Pay, Google Pay, Paypal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next.”
AMC accepts Paypal which “supports crypto-currencies”
While many people expect AMC to accept all four cryptocurrencies through Bitpay, the movie theater chain decided to simply add Paypal as a payment option, which AMC says, “Supports crypto -coins “.
While Paypal does support cryptocurrencies — the same four offered by AMC — customers must buy them through Paypal as the platform does not offer the ability to transfer coins to or from it. Before making a purchase, customers must also sell their coins and use the proceeds to make the purchase.
Paypal began offering its users the option of using the Paypal balance, either in fiat currency or cryptocurrency, to pay for goods and services in March through a program called “Checkout with Crypto”.
The payments giant clarified, “you will need to sell your crypto assets and withdraw the cash proceeds from their sale or use those cash proceeds to pay for purchases,” emphasizing: “You also cannot use crypto assets directly as currency to pay for goods or services.”
However, if AMC adds Bitpay as a payment option in the future, the company will automatically be able to accept more cryptocurrencies. Bitpay currently supports “payment in bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), wrapped bitcoin (WBTC), dogecoin (DOGE), litecoin (LTC), and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD),” its website details.
